VW: No Interest in Buying U.S. Truckmaker PACCAR
Volkswagen AG has dismissed as "complete rubbish" reports that it may try to acquire American commercial truckmaker PACCAR Inc.
Wolfgang Bernhard, who heads Daimler AG's commercial truck and bus unit, told analysts on Wednesday that several sources told him VW plans to bid for PACCAR next year.
The commercial truck industry has speculated for months that VW intends to buy PACCAR or rival Navistar International in a bid to expand its truck operations into the American market. VW insists there is no such plan. CEO Martin Winterkorn said four months ago that VW will forego new acquisitions for now so it can focus on integrating its 12 brands.
PACCAR sells large commercial trucks under the DAF, Leyland, Kenworth and Peterbilt brands. VW, which controls Scania and MAN, hopes to overtake Daimler as Europe's largest commercial truckmaker.
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