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VW sells Brazil CV arm
Page 9
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MAN IS TO buy Volkswagen's Brazilian truck and bus business, in a move that could further muddy the waters regarding any potential takeover of Scania — in which MAN holds a 17% share.
The ownership of VW's Brazilian CV operation and Resende assembly plant, valued at €1,175m (£1,052m), is to be transferred on 1 January 2009 after approval from the executive boards of MAN and VW.
VW has been building commercial vehicles in Brazil since 1996. It is now the country's largest truck-maker and market leader above five tonnes.
Having taken on VWs South American CV operation. MAN could be forced to revise its plans to bid for control of Scania (In the doldrums', CM 20 November).
The comprehensive sales and service network that VW Truck & Bus enjoys in Brazil and neighbouring Latin American countries, as well as its modern assembly plant, proved attractive to the Munich truck-maker.
MAN AG boss Hakan Samuelsson says the move "marks another milestone in our international growth. The new business area will provide MAN with access to the Latin American market