Following approval by the European Union and the Department of Justice in the United States, Swedish truck maker AB Volvo has today transferred to Renault
partial payment for 100 percent of the shares in Renault V.I./Mack, Renault's truck business.
Volvo transferred 13.8 million Series A Volvo shares and 30.3 million Series B Volvo shares.
AB Volvo acquired the transferred shares, which represents 10 percent of the share capital and voting rights in AB Volvo, through an offer to its shareholders in the spring of 2000 and through purchases in the open market. Following the transfer, AB Volvo does not own any of its own shares. After having acquired 4.9 percent of Volvo shares in the open market, Renault now holds 14.9 percent of the shares in AB Volvo.
AB Volvo intends to repurchase additional company shares in order to be able to transfer to Renault S.A. the remaining 5 percent of AB Volvo's shares that will constitute the final payment to Renault.
partial payment for 100 percent of the shares in Renault V.I./Mack, Renault's truck business.
Volvo transferred 13.8 million Series A Volvo shares and 30.3 million Series B Volvo shares.
AB Volvo acquired the transferred shares, which represents 10 percent of the share capital and voting rights in AB Volvo, through an offer to its shareholders in the spring of 2000 and through purchases in the open market. Following the transfer, AB Volvo does not own any of its own shares. After having acquired 4.9 percent of Volvo shares in the open market, Renault now holds 14.9 percent of the shares in AB Volvo.
AB Volvo intends to repurchase additional company shares in order to be able to transfer to Renault S.A. the remaining 5 percent of AB Volvo's shares that will constitute the final payment to Renault.
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