Volkswagen's Scania buys bankrupt Northvolt's heavy industry battery packs unit

Reuters - 12/04
Volkswagen's truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt's division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price.
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STOCKHOLM, April 11 (Reuters) - Volkswagen's (VOWG.DE), opens new tab truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt's division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price.
Sweden's Northvolt filed for bankruptcy last month in one of the country's largest corporate failures, bringing to an end Europe's best hope of developing a rival to Asian electric vehicle battery makers.

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Scania, part of Volkswagen's truck unit Traton (8TRA.DE), opens new tab, had in February offered to buy Northvolt Systems Industrial for $6 million, but the bankruptcy put the plan on hold.
Scania, a stakeholder and customer of the battery maker, said on Friday it had reached a deal with the bankruptcy trust...
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