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Summary Deutz, set up in 1864, has annual sales of some 1.5 billion euros.
German engine maker Deutz said on Wednesday that Swedish truck maker Volvo had become its biggest shareholder by raising the Volvo stake to 25 percent plus one share.Volvo and Deutz had already announced a deal in June whereby the Swedish group would increase its stake from 6.7 percent to 25 percent plus one share by buying 22 million shares from Italian group Same Deutz-Fahr for 130 million euros ($168 million).The transaction has now been completed, Deutz said in a statement.Same Deutz-Fahr, a maker of agricultural machinery, will retain a stake of 8.4 percent in Deutz.Deutz and Volvo have long cooperated and want to deepen their alliance by jointly developing a new generation of medium-duty engines for industrial applications, the statement said.The two sides were also analysing the terms and conditions for establishing a joint venture in China in which Deutz would hold a majority stake, it said.
