financetom
Business
financetom
/
Business
/
Scania committed to buying Northvolt's battery pack business despite bankruptcy
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Scania committed to buying Northvolt's battery pack business despite bankruptcy
Mar 12, 2025 6:20 AM

STOCKHOLM (Reuters) - Truckmaker Scania still intends to buy Northvolt's battery pack business despite the Swedish battery maker having declared bankruptcy on Wednesday, a Scania spokesperson told Reuters on Wednesday.

Northvolt, an electric vehicle battery cell maker, filed for bankruptcy on Wednesday, bringing to an end Europe's best hope of developing a rival to major Asian EV battery players.

Northvolt said in February that it had agreed to sell a battery pack business called Northvolt Industrial to one of its largest customers and shareholder Traton-owned Scania.

Scania's offer for the Northvolt Industrial, which were part of the battery maker's unit called Northvolt Systems was for $6 million in cash. It would also take over all debt and liabilities belonging to the business.

However, as the parent company Northvolt declared itself and four of its units, including Systems, bankrupt in Sweden, this has temporarily suspended the deal.

"The transaction, as originally documented, cannot now complete with Systems in bankruptcy", an internal Northvolt memo seen by Reuters stated.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Gatos Silver, First Majestic Get Regulatory Approval for Merger
Gatos Silver, First Majestic Get Regulatory Approval for Merger
Dec 16, 2024
08:32 AM EST, 12/16/2024 (MT Newswires) -- Gatos Silver ( GATO ) said Friday that the proposed acquisition of the company by First Majestic (AG) was given unconditional authorization by the Mexican Federal Economic Competition Commission. The transaction is expected to close in January. ...
Biohaven Says BHV-1300 Achieves 'Deep Lowering' of Targeted IgG During Early-Stage Trial
Biohaven Says BHV-1300 Achieves 'Deep Lowering' of Targeted IgG During Early-Stage Trial
Dec 16, 2024
08:32 AM EST, 12/16/2024 (MT Newswires) -- Biohaven ( BHVN ) said Monday that its drug candidate BHV-1300 achieved deep lowering of targeted immunoglobulin G, or IgG, with reduction of more than 60% in the lowest subcutaneous dose tested during the current multiple ascending dose trial. The biopharmaceutical company said that the reduction in IgG occurred within hours of each...
Healwell Acquires New Zealand-based Orion Health for $165 Million
Healwell Acquires New Zealand-based Orion Health for $165 Million
Dec 16, 2024
08:32 AM EST, 12/16/2024 (MT Newswires) -- Healwell AI (AIDX.TO) on Monday said it will acquire New Zealand-based Orion Health Holdings for $165 million, with a minimum $86 million in cash and the remainder in stock. The cash portion of the acquisition price will be partially funded by a bought deal private placement of 31,250 convertible debentures at $960 each...
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Federal Reserve Policy Meeting
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Federal Reserve Policy Meeting
Dec 16, 2024
08:22 AM EST, 12/16/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.4% in Monday's premarket activity, as traders anticipate interest rate cuts at the Federal Reserve's policy meeting due this week. US stock futures were also higher, with S&P...
Copyright 2023-2026 - www.financetom.com All Rights Reserved