Rumors Say Volkswagen to Bid for Paccar; VW Denies it
July 03, 2014
Rumors have been around for a while that Volkswagen will try to buy a U.S. truck maker. Earlier rumors centered on International, but the latest is Paccar, with Reuters running a story Thursday about takeover plans and VW denying it.
Reuters reported that Daimler's Wolfgang Bernhard told analysts at Bernstein Research that "serious, multiple sources" told him VW wll make a bid for Paccar next year.
However, a few hours later the news service reportd that Volkswagen strenuously denied those rumors, calling them "complete rubbish."
As Reuters notes, "analysts have long predicted VW would seek to enter the world's biggest trucks market."
VW has definitely been on an expansion tear when it comes to commercial trucks. Earlier this year it gained control of Swedish truck maker Scania in a 6.7 billion euro ($9.2 billion) takeover bid.
VW's goal is to combine Scania with its Volkswagen Commercial Vehicles business and the German truck maker MAN. VW gained full control of MAN last year after taking a majority stake in 2011.
Heading up this effort is Daimler's previous trucks chief, Andreas Renschler.
This is seen a big step in the German automaker's plan to create a massive trucks alliance to compete in global markets against rivals Volvo and Daimler – both of which have U.S. truck operations as well.
But Reuters reports, "Chief Executive Martin Winterkorn told the March 13 annual press conference that VW has no plans at present to expand the group through further acquisitions as it is focusing on integrating its 12-brand network."
Paccar was not immediately available for comment.