VW denies trucks merger as it unveils growth plan
Europe's biggest auto group, Volkswagen, has denied rumours that it intends to take over and merge two leading truck makers in which it owns shares.
VW has a stake in fellow German company MAN, which makes trucks and large diesel engines. The car giant also recently acquired a controlling stake in Swedish lorry maker Scania.
At its annual media conference, VW denied that it intended a three-way merger between the companies. "A merger is not on our agenda," VW chief financial officer Hans Dieter Poetsch said. "We were happy to buy a stake in Scania and we respect Scania's management team."
The car maker said it planned to introduce 20 new models in the next three years, including vans and pick-ups, and had a target of annual vehicle sales of 8m by 2011. It sold a record 6.2m in 2007.
Meanwhile, MAN this month celebrated the 150th anniversary of the diesel engine, which was developed at the company by engineer Rudolf Diesel. MAN itself is 250 years old.
Image: VW says it has no plans for a merger