BUSMAKERS' NEWS * Germany - MAN AG Buys Volkswagen’s Brazilian Truck, Bus Unit
Munich,Germany -Bloomberg, by Chris Reiter and Heloiza Canassa -Dec. 15, 2008: -- MAN AG will acquire Brazil’s largest truckmaker from Volkswagen AG, MAN’s biggest shareholder, for about 1.18 billion euros ($1.58 billion) in cash, marking the German company’s first major investment in South America... VW Truck & Bus, based in Resende, Brazil, will become part of Europe’s third-biggest truckmaker on Jan. 1, Munich-based MAN said today in a statement. Volkswagen, the owner of 29.9 percent of MAN, had been in talks with MAN for months about the carmaker’s Brazilian truck operations. The maker of the Golf hatchback will retain a presence in the Brazilian truck market through its Scania AB unit. The acquisition gives MAN, which also makes diesel engines for ships and power plants, a strong footing in South America, where it previously had little business...Labels: busmakers' news worldwide
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