Volvo to acquire Nissan Diesel
Tokyo: Swedish truck maker Volvo is taking over Nissan Diesel Motor Co. Ltd. for $1.1 billion, as it wants to grow further in Asia and capitalize on the Japanese truck maker's expertise.

Volvo, the world's No. 2 truck maker, currently owns 19 percent of Nissan Diesel and plans to offer 540 yen in cash for all the shares it does not own.

That is a 22 percent premium to Monday's closing price and a 32 percent premium to Nissan Diesel's average price over the past three months.

The Tokyo Stock Exchange placed the truck maker on "administrative watch" after Nissan Diesel said Volvo planned to make it a wholly owned unit and it would be delisted.

Nissan Diesel also cut its annual dividend forecast to nil from a previous estimate of 3 yen.
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Airbus may cut 10,000 to 12,000 jobs
Paris: Reports in the French press say that aircraft manufacturer Airbus could cut 10,000 to 12,000 jobs, including 3,000 to 4,000 in France and as many in Germany in its long-awaited restructuring plan.

Business daily Les Echos said, "These cuts do not only concern the 55,000 Airbus employees" but also "the 30,000 people employed by subcontractors working on Airbus sites", the paper said. Meanwhile, La Tribune said the plan could affect up to 10,000 jobs and that three factories would be given up: Meaulte in France and Varel and Nordenham in Germany.
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