Volvo makes bid for Nissan Diesel – Volvo

31 Jan 2015 | Author: | Comments Off on Volvo makes bid for Nissan Diesel – Volvo
Nissan Diesel

Volvo makes bid for Nissan

Mon, Feb 19, 2007 23:45 CET

AB Board of Directors has decided to a public offer to acquire the truck manufacturer Nissan . The offer, which is supported by Diesel’s Board of Directors, that Volvo offers JPY 540 in per share and the total value of offer amounts to SEK 7.5 billion. already owns a 19% holding in Diesel and preference shares can be converted to an additional 27.5%, full dilution.

“With as owner, Nissan Diesel the resources and the financial stability to fully capitalize on the opportunities a closer cooperation offers to parties,” says Volvo CEO Johansson.

Volvo’s offer for Diesel represents a premium of 32% on the average prices during the three months. The offer is through March 23 and is not conditional a lowest level of acceptance, but is on the necessary approvals from the authorities. Volvo anticipates payment can be made for acquired on or about March 29, 2007.

If the offer for Nissan Diesel is Volvo will have a total of SEK 13 billion for all shares, to JPY 469 per share.

“Nissan Diesel’s and know-how represent a valuable to the Group’s truck business,” Leif Johansson. “Nissan holds a solid position in and the rest of Asia where the Group foresees substantial potential. A merger offers parties even greater to learn and benefit from other’s know-how and resources.”

our joint synergy study, trust grew between the and I believe that the merger is the alternative for Nissan Diesel’s says Iwao Nakamura, of Nissan Diesel.

Since Volvo’s first of shares in Nissan Diesel, Deputy CEO Jorma Halonen was Vice Chairman in Nissan ’s Board. Jorma Halonen major mutual advantages an even closer cooperation.

Diesel can benefit from the Group’s resources and know-how, but can also benefit greatly Nissan Diesel’s experience of trucks and its expertise in, for example, technology,” he says.

In 2005, Diesel sold approximately trucks and buses. In Japan, Diesel holds a market of about 24% in heavy trucks and 15% in the segment. Sales in 2005 to about SEK 32.5 billion.

The has 8,900 employees.

The study of possibilities carried out jointly by and Nissan Diesel identified over five years of EUR 200 M annually, slightly more SEK 1.8 billion. The major portion of the gains is as a result of increased volumes, but positive effects arise within product engines and drivelines. Other arise in that the companies access to each other’s and service networks, primarily in but also in other parts of the

Volvo assesses that the net debt in Nissan Diesel in with IFRS amounts to SEK 7.5 billion. Accordingly, at full Volvo’s net financial position, the purchase consideration, will by SEK 15 billion.

Nissan Diesel, key figures (see enclosed pdf of press release)

History

In 2006, Volvo acquired 40 shares in Nissan Diesel, to 13% of the votes and capital. In September of the year, Volvo increased its to 58.2 million shares to 19% of votes and capital. At the same Volvo purchased all 57.5 preference shares in the company through 2014 would be in stages and which in 2014 provide Volvo with of the votes and capital in the company, full dilution.

However, as early as in April Volvo’s ownership after of preference shares would increased to 41.9%.

February 20,

For more information, please

Media Relations:

Mårten +46 31 66 11 27, or +46 705 59 11 49

Investor Relations:

Christer +46 31 66 13 34, or +46 706 54 55 22

Note on press and telephone

Today there will be a conference hosted by Volvo in and later a Volvo press in Stockholm which will be live. The Japanese press is today at 15.00 Japanese (07.00 AM CET). Participating is: Halonen, Volvo deputy CEO and chairman Nissan Diesel and Nakamura, President of Nissan . Leif Johansson, President and CEO of will participate over the

For live listen-in service, dial one of the numbers shown In order to provide adequate and security measures, please Passcode (“NISSAN DIESEL”). you will be asked to give full name, and company

Details on Japanese Press

NOTE: listen-in service

In English:

Japan +81-3-5539-7251 Nissan Diesel)

USA +1-210-795-0517 Nissan Diesel)

Nissan Diesel

UK +44-20-7108-6387 Nissan Diesel)

Sweden (password: Nissan Diesel)

In

Japan +81-3-5539-8133 (password: Diesel)

The Volvo press in Stockholm starts today at a.m. CET (19.00 Japanese The Volvo Group will be by Leif Johansson, Volvo CEO and

Jorma Halonen, deputy CEO of and vice chairman of Nissan will be participating over the

Details on Stockholm Press

NOTE: full live and QA possibility – English only. The will be webcast on www.volvo.com. To the presentation, please go to www.volvo.com.

For please go to www.volvo.com (under”investors”).

11.00 AM CET (19.00 Japanese 05.00 AM EST).

Place: Konferens, Sveavägen 77, Stockholm.

For over the phone, please (English only):

+46 (0)8 6407

For replay phone please dial:

+46 (0)8 9441 (Pass code: 24 32

To download images go to

http://www.volvo.com/group/global/en-gb/newsmedia/imagegallery/NewsImages/

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