Gothenburg - Heavy truck and vehicle maker Volvo announced Friday that it has sold all its B shares in rival Swedish vehicle maker Scania to Deutsche Bank.
The deal was worth some 15 billion kronor (R13.48 billion), Volvo said.
The Gothenburg-based company's stake in Scania comprised 63.7 million shares, corresponding to about 5.8 percent of the votes and 31.8 percent of the capital.
In addition, Volvo still owns some 27.3 million preferential A shares in Scania, corresponding to about 24.8 percent of the votes and 13.7 percent of the capital.
Volvo said it would not divest it's A share stake within a 90-day period. The A share value in Scania was worth some 6.2
billion kronor based on the Thursday closing price on the Stockholm bourse.
The sale of Volvo's holdings in Scania takes place against the backdrop of an earlier European Commission decision that blocked Volvo's planned merger with Scania, citing it would reduce competition in several key markets.
The Commission approved Volvo's acquisition of Renault VI and Mack Trucks in 2000, provided that Volvo divested its Scania shares by April 23, 204.
The Commission also stipulated that Volvo not exercise its influence as a large owner in Scania during the period. - Sapa-DPA