STOCKHOLM, March 15 (Reuters) - Sweden's AB Volvo , the world's second biggest truck maker, said on Monday it would transfer the shares it holds in rival Scania to its Ainax subsidiary as it had so far not found a buyer for them.
It planned to distribute more than 99 percent of Ainax shares to Volvo shareholders, the firm said in a statement.
The European Commission has ruled thet Volvo must divest its shares in Scania, acquired in a blocked merger attempt in 2000, by April 23. The A-share stake corresponds to 24.8 percent of Scania votes. Volvo has already sold its Scania B-shares.
"As an agreement has not yet been reached regarding a divestment of the Scania A shares and Volvo has not yet received a decision from the Commission on Volvo's request for and extension of the divestment period, the board of AB Volvo has decided to transfer the Scania A shares to the wholly owned copmany Ainax AB," Volvo said.