Volkswagen denies rumors of Paccar purchase, calling them ‘rubbish’

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Updated Jul 7, 2014
Paccar owns both Peterbilt and Kenworth.Paccar owns both Peterbilt and Kenworth.

Quelling recent rumors that it was preparing to purchase Paccar, Volkswagen said Thursday it is not making a bid to buy the American truck and engine maker, according to a report from Reuters, with a statement from the company saying the rumors are “complete rubbish.”

Reuters report said that Daimler Trucks head Wolfgang Bernhard had heard from solid sources that Volkswagen was poised to buy Paccar, the maker of Peterbilt and Kenworth brand trucks.

Market analysts have long speculated VW – Europe’s largest automotive manufacturer – would eventually enter the U.S. heavy truck market.

Volkswagen’s acquisition this year of the European truck maker Scania expanded its hold on the European market, but it still left it without a presence in the U.S. truck market, which is the world’s largest.