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. Last Updated: 07/27/2016

Volvo Buys Into Scania

STOCKHOLM, Sweden -- Sweden's Volvo said Thursday it had bought more shares in takeover target Scania and now holds 77.4 percent of votes and 68.6 percent of share capital, including its purchase from Investor AB, the investment arm of Sweden's powerful Wallenberg business family.

Volvo said in a statement that it had bought a further 1.53 million B-series shares in Scania, its rival Swedish truck and bus maker, for 310 Swedish kronor ($37.37) each. Scania shares closed at 309.50 kronor Wednesday.

Volvo, which earlier this year sold its car operations to Ford, announced this month it had agreed with Investor, Scania's current dominant shareholder, to buy a majority in Scania.

Volvo aims to form the world's second biggest truck maker by merging with Scania.