P.M. BRIEFING : Volvo in Sell-Off for Renault Tie
From Times Wire Services
STOCKHOLM —
Swedish car maker Volvo said today that it plans to sell up to $820 million in assets to fund its linkup with the state-owned French group Renault.
Spokesman Hans Renstrom said Volvo will probably sell part of its stock portfolio, which includes investment companies such as AB Custos and Investment AB Cardo. The total value of the company’s stock portfolio was estimated at $2.4 billion at the end of 1989.
The linkup will make the two firms the world’s biggest maker of heavy trucks, Europe’s largest producer of buses and one of the world’s largest manufacturers of cars.
