Volvo sells stake in Deutz engines

AB Volvo group said the company had sold its 25 per cent stake in German diesel engine maker Deutz AG. Volvo said in a statement that the proceeds from the sale, which was carried out through a book building process, amounted to 1.9 billion Swedish crowns ($225 million) and would generate a capital gain of about 350 million crowns. The capital gain from the divestment of shares in Deutz would be booked in the third quarter, according to Volvo.