Justice Department Approves Volvo’s Renault/Mack Purchase
The Department of Justice last week approved Volvo AB's (VOLVY) bid to become the world’s second-largest truck maker by acquiring French truck maker Renault Vehicles Industriels — which includes Mack Trucks — if Volvo agrees to sell off part of its existing business.
Clifford said the final merger agreement should be sealed by Dec. 31.
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Volvo signed a consent decree agreeing to sell off its North American Class 8 low-cab-over-engine truck business to avoid a monopoly in this truck segment in exchange for DOJ approval of the $1.5 billion deal.
The Dec. 18 agreement requires approval by the U.S. District Court in Washington, D.C. Tom Clifford, a vice president with Volvo Group in New York, said that since Volvo, Renault and DOJ have all agreed to the terms of the consent decree, the court’s final approval is a formality.
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