Pischetsrieder: VW has no plans to buy trucks

FRANKFURT -- The chief executive-designate of Volkswagen AG said that the group had no plans to buy the commercial vehicles unit of MAN AG or to raise its stake in Scania, according to the Financial Times Deutschland.

"We are under no pressure," Bernd Pischetsrieder was reported Monday in FT Deutschland as saying at a Seat event in Spain.

"Others are not in this comfortable situation."

Pischetsrieder takes over from current CEO Ferdinand Piech in April.

VW has a stake in Swedish truck maker Scania, and until recently had been thought to be a likely bidder for the stake currently held by Volvo which represents 45.5 percent of shares and 30.6 percent of votes.

The European Commission has ruled that Volvo must sell its Scania shares by January 2004.

Sources told Reuters last week that VW was unlikely to bid for the remaining stake, however, and that it might even consider selling its existing stake.

The sources said German trucks and engineering group MAN, viewed by many as a takeover target, may emerge as a bidder for the Scania shares.

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