AB Volvo will acquire one or more additional heavy-truck makers, with some of the $6.45 billion it made from selling Volvo Car Corp.
Scania AB in Sweden is the first, obvious target, but there could be others, said Leif Johansson, AB Volvo president, in a conference call with auto industry analysts on Thursday, Jan. 28.
Volvo bought 13 percent of Scania on Jan. 15, two weeks before announcing the deal to sell its car operations to Ford Motor Co. 'We didn't want to wake up one Monday morning and find it was sold,' Johansson said.
Scania shares spiked on the news. On the New York Stock Exchange, Scania's American Depository Receipts jumped from less than $20 on Jan. 1 to a 52-week high of $31.31 on Jan. 28.
So far, Scania's controlling shareholder, Investor AB, has given Volvo the cold shoulder. Investor, which also owns 50 percent of Saab Automobile AB in a joint venture with General Motors, has a 45 percent stake in Scania.
Between the high price and the cold shoulder, Johansson is now coy about whether Volvo will pursue the rest of Scania. He insisted Ford's cash will not burn a hole in his pocket: 'I am more cool-headed than that. If we see good acquisitions, we'll make them. The fact that we have money will not make us do what is not good.'