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. Last Updated: 07/27/2016

EU Blocks Volvo Deal

STOCKHOLM, Sweden -- The European Commission has blocked Swedish truck and bus maker AB Volvo's 60.7 billion Swedish crown ($6.95 billion) merger with rival Scania on competition grounds, the EC and Volvo said.

Auto industry analysts said the move put both companies into play in a rapid consolidation of the global vehicle industry, and Volvo chief Auto chief executive Leif Johansson agreed in a teleconference there could be bids.