Report: Volvo to Increase Stake in Mitsubishi

Swedish truckmaker AB Volvo (VOLVY) does not plan to sell its 5% stake in Japanese automaker Mitsubishi and will proceed with taking a 19.9% share in the company, the Wall Street Journal reported Tuesday on its Web site.

The paper had previously reported that Volvo might be pressured to sell its stake because of a power struggle with rival DaimlerChrysler (DCX). The German automaker recently increased its stake in Mitsubishi to 34% and installed one of its executives as Mitsubishi's chief operating officer.

However, the most recent WSJ.com brief noted that Mitsubishi has not received any notice of Volvo leaving and the two companies plan to continue their truck and bus alliance.