February 12, 2007 9:15 AM, EST

Volvo Won’t Bid for Germany’s MAN, Paper Reports

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Volvo AB has no plans to pursue a takeover of German truck maker MAN AG, as it would not get European Union regulatory approval to do so, Bloomberg reported Monday.Regulatory bodies in Europe and the United States would not allow Volvo to purchase rival truck makers in those regions because of Volvo’s size, Volvo Chief Executive Officer Leif Johansson told the German newspaper Financial Times Deutschland, Bloomberg said.Volvo, the parent of U.S. truck makers Volvo Trucks North American and Mack Trucks, is focusing on Asia for takeover possibilities, FT Deutschland said.The European Union several years ago blocked Volvo’s efforts to buy Swedish rival Scania AB, arguing it would reduce competition, Bloomberg said.MAN dropped a $13.3 billion hostile takeover bid to acquire Scania last month. (Click here for previous coverage.)