Sweden’s Volvo to buy Nissan Diesel in $1.1 billion deal

The Japanese truck maker has accepted a buyout from its largest shareholder.

The Swedish firm, which is the world’s second biggest truck manufacturer, already owns 19 per cent of the company and 27.5 per cent in preference shares.

Earlier this month Volvo reported net profits soared by 24.5 per cent last year, despite falling sales in Asia, where it now hopes to expand.

Nissan Diesel has almost a quarter of the share of the Japanese heavy vehicle market.

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