GOTEBORG, Sweden, July 07, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY) (Other OTC:VOLVF) (Other OTC:VOLAFK) controls more than 90 percent of capital and votes in Kommersiella Fordon Europa AB. The acceptance period has been extended through August 8, 2003
The processing of acceptances submitted in Volvo's offer indicates that 12,307,868 shares in Kommersiella Fordon Europa AB ("KFAB"), representing 47.89 percent of the shares and votes in KFAB, have been tendered in the offer. Combined with the KFAB shares received by Volvo as dividend, Volvos total share in KFAB upon completion of the offer will be 23,397,370 KFAB shares, representing 91.04 percent of the shares and votes in KFAB.
Volvo has established that all conditions for the offer have been fulfilled, with the exception that it has not yet been confirmed that the shares in KFAB have been registered in the VP-accounts of the shareholders of Bilia. Such registration is expected to take place on 11 July 2003 whereby Volvo will consider this condition. Provided that also this condition has been fulfilled, settlement is expected to be effective on 14 July, 2003 whereupon AB Volvo will request compulsory acquisition of the remaining shares in KFAB.
The acceptance period is extended through August 8, 2003 for those shareholders who have not yet tendered their shares. Settlement for shareholders who submit their shares during the extended acceptance period is expected to be August 15, 2003.
For further information, please contact Marten Wikforss +46 31 66 11 27
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 71,000 people, has production facilities in 25 countries and sells their products in more than 185 markets. Annual sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a publicly-held company headquarterd in Goteborg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm, London, Brussels and Frankfurt and on NASDAQ in the US.
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