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   ボルボは06年3月に日産から日産ディ株13%を取得し9月には日産、金融機関から優先株を全株取得。これにより14年には5割弱まで日産ディへの出資比率が高まることが決まっていた。それでも完全子会社化を急いだのは遅れているアジア戦略を日産ディを活用してペースアップしようという狙いからだ。

   辣腕家で知られ米マックや仏ルノートラックを買収したボルボのレイフ・ヨハンソンCEO（最高経営責任者）は「再編においては適切なパートナーを見つけることが大事で、最初の日産ディへの出資はテストだった」と会見で明かした。日産ディのポテンシャルは十分という判断で、予想以上のスピードで実行された完全買収の裏に冷徹な計算があったことを隠さなかった。

Fitch Ratings on Tuesday
changed its outlook on Volvo (VOLVb.ST: Quote, Profile, Research) to negative from
stable, citing increased risk the company will make further
acquisitions after the truck manufacturer said it would
purchase Nissan Diesel.

The Swedish truck maker said on Tuesday it would take over
Nissan Diesel Motor (7210.T: Quote, Profile, Research) for $1.1 billion, seeking to grow
in Asia and capitalize on the Japanese firm's expertise in
hybrid technology. For details, see [ID:nT17714].

"Volvo enjoys a strong credit profile and has sufficient
leeway in the current rating to accommodate the acquisition of
Nissan Diesel," Emmanuel Bulle, director in the European
corporates group at Fitch, said in a statement.

"However, a large dividend payment and probable further
acquisitions in the next 12 to 18 months are likely to weaken
the group's financial profile," she said.

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A negative outlook indicates the rating may be lowered over
the next one to two years.

Fitch rates Volvo's senior unsecured debt "A-minus," its
seventh highest ranking.

Swedish truck maker AB Volvo made a 7.5 billion kronor (US$1 billion; euro810 million) offer Tuesday to take over Japan's Nissan Diesel in a strategic move aimed at gaining a solid presence in Asia.

The acquisition, which would give Volvo full ownership of Nissan
(nasdaq:
NSANY -

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) Diesel from its current 19 percent, highlights Volvo's ambitions in Asia, where the world's second-largest truck maker has lacked a local brand while owning Mack Trucks in the U.S. and Renault
(other-otc:
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) Trucks in Europe.

Volvo Chief Executive Leif Johansson said the deal for Nissan Diesel, Japan's fourth-largest truck maker, would more than double the company's turnover and make it "a real supplier of trucks and buses on the Asian and Japanese markets."

"It is a good platform to develop our broader Asian business," he said in Stockholm.

Nissan Diesel Motor Co. President Iwao Nakamura expressed support for the offer, saying the move will save costs in development and purchasing, including emission-reducing technologies, and present opportunities for efficient investments for long-term growth.

"What we want the most is growth," he told reporters in Tokyo. "This move is the most effective way to achieve growth."

Jorma Halonen, executive vice president of Volvo Group, said that Nissan Diesel would retain its name and that management will stay Japanese.

If approved by regulators, the deal would be completed by March 29, Volvo said.

Volvo said that including debt the total cost of the acquisition would be 15 billion kronor (US$2 billion; euro1.6 billion).

The 540 yen (euro3.44; US$4.52) per share cash offer represents a premium of 32 percent to Nissan Diesel's average share price during the past three months, both sides said.

Nissan Diesel shares jumped 18 percent in Tokyo to a bid-only 523 yen (US$4.37; euro3.33), from Monday's close at 443 yen (US$3.71; euro2.83). Volvo shares rose 1.2 percent to 556 kronor (euro60.2; US$79.1) in Stockholm.

Swedbank Markets analyst Mats Liss said the deal would strengthen Volvo's position in Japan and help it grow in China. He called the price tag acceptable considering the "clear synergies" the deal would entail.

Volvo is aiming for 20 percent to 25 percent market share in Asia, about the same as it controls in the U.S. and Europe, Halonen said in Tokyo. He declined to set a time frame for that goal.

Nissan Diesel's strengths in Asia, including Thailand and Indonesia, are a good complement for Volvo, Halonen said. He said 100 percent ownership will help speed up decision-making, which is likely to prove critical in keeping abreast of more stringent emission requirements coming up around the world.

Nissan Diesel holds a market share in Japan of about 24 percent in heavy trucks and 15 percent in the medium-heavy segment.

Goteborg, Sweden-based Volvo - sold its car division to U.S.-based Ford Motor Co.
(nyse:
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) in 1999 - became the top shareholder in Nissan Diesel in March 2006, buying a 13 percent stake from Tokyo-based Nissan Motor Co. It raised its holding to 19 percent in September.

At that time, Volvo said the deal wold help balance the company's offerings of heavy trucks and give it broader geographical reach in Asia.

Nissan Motor, Japan's No. 3 automaker, which is allied with Renault SA of France, sold Nissan Diesel to better concentrate on its passenger car business.

Volvo said Tuesday that a joint study identified gains amounting to euro200 million ($263 million) annually for the next five years, mainly as a result of increased purchasing volumes, but also from product development and access to each other's dealerships and service networks.

"During our joint synergy study, great trust grew between the companies and I believe that the merger is the best alternative for Nissan Diesel's future," Nakamura said.

Volvo, which has 83,000 employees and produces vehicles in 18 countries, said earlier this month that fourth-quarter profit climbed 25 percent to 3.7 billion kronor (euro409 million; US$533 million).

Nissan Diesel, which has about 9,100 employees and is based in Saitama Prefecture, just north of Tokyo, reported a 44 percent drop in profit for the latest quarter to 10.4 billion yen (US$86.9 million; euro66.2 million) earlier this month.

The Swedish truck maker Volvo said on Tuesday it would take over Nissan Diesel Motor for $1.1 billion. Volvo, which currently owns 19 percent of Nissan Diesel, said it would acquire the rest of the stock for 540 yen a share ($4.51), a premium of 22 percent over Monday’s closing price.

Volvo said it would benefit from Nissan Diesel’s expertise in medium-heavy trucks and hybrid technology. Joint studies showed the companies would benefit from combined procurement and working together on engines, it said.

Volvo, 20 percent owned by Renault, bought an initial 13 percent stake in Nissan Diesel from Nissan Motor in March last year for 1.5 billion Swedish kronor. Carlos Ghosn, chief executive of both Renault and Nissan Motor, said at the time there was little benefit in the carmaker remaining a shareholder in the truck affiliate.

The cash could come in handy for Mr. Ghosn if he decides to make a bid for Chrysler, which may be sold by its parent DaimlerChrysler.

AB Volvo says it will spend SEK7.5bn (US$1.07bn) to acquire all shares in Japan's Nissan Diesel and assume net interest-bearing debt at the truck maker, estimated at another SEK7.5bn (US$1.07bn).

"With Volvo as owner, Nissan Diesel gains the resources and the financial stability needed to fully capitalize on the opportunities that a closer cooperation offers to both parties," Leif Johansson, Volvo Group chief executive officer, was quoted as saying.

Volvo currently holds 19% of share capital in Nissan Diesel and preference shares which can be converted, giving it an additional 27.5%, after full dilution. Volvo will offer ¥540 (US$4.51) in cash for all the shares it does not own.

The Gothenburg-based truck and bus maker's offer for Nissan Diesel represents a premium of 32% based on average prices over the past three months. The offer is open up to 23 March and is not conditional upon a lowest level of acceptance, but is dependent on the necessary approvals from the anti-trust authorities, the company stated.

Volvo expects to make payments for the acquired shares on 29 March and if the takeover offer is approved, it will have paid a total of SEK13bn (US$1.85bn) for Nissan Diesel.

Johansson noted that the Japanese truck manufacturer holds a solid position in Japan and the rest of Asia, where the Volvo Group foresees substantial growth potential. Nissan Diesel also has considerable expertise in medium-heavy trucks and hybrid technology.

Volvo stated that a joint study identified synergy gains amounting to €200m (US$263m) annually for the next five years, mainly as a result of increased purchasing volumes, but also from product development and access to each other's dealerships and service networks.

Nissan Diesel holds a market share in Japan of about 24% in heavy trucks and 15% in the medium-heavy segment.

Swedish truck maker Volvo
(VOLVb.ST: Quote, Profile, Research) said on Tuesday it would aim to boost its share of the
Asian heavy duty truck market to 20-25 percent from around 5-10
percent now with the inclusion of Japan's Nissan Diesel Motor Co.
Ltd. (7210.T: Quote, Profile, Research) and a possible deal with China's Dongfeng Motor
Group Co. Ltd. (0489.HK: Quote, Profile, Research).

In a news conference in Tokyo, Jorma Halonen, Volvo Deputy
CEO and vice chairman at Nissan Diesel, did not provide a time
frame for meeting the target.

Halonen told reporters after the briefing that any deal with
Dongfeng would carry a similar structure to Volvo's previous
acquisition of the Renault, Mack, and now Nissan Diesel brands,
but added that Volvo "still (had) a long way to go to finalise a
deal" with Dongfeng.