TOKYO -- Japan's Hino Motors Ltd. denied Tuesday that it was thinking of buying some of Swedish truckmaker Volvo's shares in another Swedish truckmaker, Scania.
Swedish business daily Dagens Industri had reported on its Web site that Hino, the truck unit of car maker Toyota and one of the strongest of Japan's four truckmakers, would offer almost $411 million for 11 million Scania A shares.
"There is no basis in fact to the story," Hino spokesman Shigeo Matsumoto said.
Scania, Europe's third-largest truckmaker, delivered 45,000 heavy trucks and almost 5,000 buses last year.
Volvo spokesman Marten Wikforss said, "We never comment on this kind of information. It is media speculation."
Last week, Volvo, the world's No. 2 truckmaker, postponed its annual general meeting to April 16 from March 22, saying it wanted more time to prepare for a deal regarding its stake in Scania.
The European Commission -- the executive branch of the European Union, of which Sweden is a member -- has given Volvo until April 23 to divest its Scania stake amounting to 45.5 percent of the votes and 30.6 percent of the capital.