Volkswagen denies planning a bid for U.S. Paccar

Thu Jul 3, 2014 5:09pm EDT
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By Edward Taylor and Andreas Cremer

FRANKFURT/BERLIN (Reuters) - Volkswagen (VOWG_p.DE: Quote) denied planning a bid for U.S. truck maker Paccar (PCAR.O: Quote) after analysts published comments in a research note from a senior executive of German rival Daimler (DAIGn.DE: Quote) saying he had heard of such a plan.

According to Bernstein Research, Daimler Trucks Chief Wolfgang Bernhard insisted that "serious, multiple sources" informed him that VW was going to bid for Paccar in 2015.

A spokesman at VW's Wolfsburg-based headquarters emphatically denied the rumours, calling them "complete rubbish."

Daimler declined to comment while Paccar was not immediately available for comment. Bernhard was briefing analysts at an event hosted by Daimler Trucks late on Wednesday when he made the comments, Bernstein said.

Shares in VW fell as much as 1.4 percent and were trading 0.7 percent lower at 191.40 euros as of 0907 GMT, valuing the firm at 90.9 billion euros ($123.99 billion). Paccar had a market capitalisation of $22.3 billion at Wednesday's close.

Europe's largest automotive group is pushing ahead with a long-planned alignment of its heavy-trucks brands MAN SE and Scania after its 6.7 billion-euro ($9.14 billion) bid for the Swedish division was accepted by shareholders.

To be headed by Daimler's previous trucks chief, Andreas Renschler, the VW-led alliance of heavy-duty vehicle makers aims to deepen cooperation in areas including drive-trains, chassis and electronics.

But Scania SCVb.D does not have a substantial presence in the United States, while MAN (MANG.DE: Quote) is mainly active in Europe as well as Brazil and other emerging economies.   Continued...

The logo of German carmaker Volkswagen is seen at a VW dealership in Hamburg, in this file picture taken October 28, 2013. REUTERS/Fabian Bimmer