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January, 22, 2017

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Volvo becomes biggest shareholder in Deutz with 25% stake plus one share

FRANKFURT--German engine maker Deutz said on Wednesday that Swedish truck maker Volvo had become its biggest shareholder by raising the Volvo stake to 25 percent plus one share.

Volvo and Deutz had already announced a deal in June whereby the Swedish group would increase its stake from 6.7 percent to 25 percent plus one share by buying 22 million shares from Italian group Same Deutz-Fahr for 130 million euros (US$168 million). The transaction has now been completed, Deutz said in a statement.

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