Volvo completes acquisition of Deutz as its largest shareholder

On September 13, local time, Swedish truck manufacturer Volvo AB stated that it had completed the acquisition of German engine manufacturer Deutz AG and became the company’s largest shareholder.

In June of this year, the Volvo Group announced that it had purchased 22,117,693 shares of DEUTZ company, totalling EUR 130 million, from the SAME Deutz-Fahr Group in Germany at a price of EUR 5.88 per share. $167 million). After the completion of the acquisition, the shares of Deutz AG held by Volvo Group rose from the previous 6.7% to more than 25%, leaping to the latter's largest shareholder status.

Shandong Weichai Power, a heavy-duty engine manufacturer for commercial vehicles in China, originally planned to acquire Deutz shares, but this time the Volvo Group’s rush to purchase made Weichai's layout obstructed. At present, many vehicle manufacturers in China have begun to try to get rid of their dependence on engine suppliers and established joint ventures with foreign engine technology partners, including JAC-Navistar, Foton-Daimler, CNHTC-Man, and earlier Red Rock - Fiat, etc., so Weichai tried to accelerate the layout, paving the way for the next step into the global power market.

Earlier this year, Volvo and Deutz signed a non-binding memorandum of understanding that will jointly develop a new generation of medium-sized engines for off-road use and expand the long-term relationship between the two companies. Volvo said that Deutz has been a medium-sized engine supplier for the Volvo Group for more than a decade.

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