Such a combination would create the world’s second largest manufacturer of heavy trucks and buses. But the main owner of Scania believes the time is not right for a merger discussion, and characterized Volvo’s stock purchase as “close to hostile.”
The announcement comes amid speculation that Volvo is looking to sell or merge its car division with a larger car company in order to concentrate on its heavy vehicle business. Ford, Fiat and Volkswagen all have been rumored to be in talks with Volvo about a possible deal. Ford officials have stated that any such deal would not include heavy trucks.