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Nov 2, 2010

TRUCK MARKETS PROGNOSIS * Europe - Truckmakers could clear M&A highway

Industrial businesses suggest the sector is inching towards its overdue consolidation


London,UK -Thomson Reuters Breakingviews, by Alexander Smith & Chris Hughes/David Evans -Nov 2, 2010: -- The key is in the ignition for European truck M&A. But while the need for mergers is clear, the road to deals is littered with obstacles... The longer-term structural pressure to consolidate -- especially the threat from low-cost Asian manufacturers -- hasn't gone away, even if the operational results of European truckmakers have bounced back this year. But M&A efforts have so far foundered.  What could get the M&A convoy moving? Fiat's demerger is the obvious driver. Once completed, it would make a Daimler/Iveco tie-up the least difficult deal to pull off, since a friendly transaction could help smooth the deal's passage with unions and regulators. Europe's other truckmakers would have to respond, in turn putting U.S. players like Paccar, owner of the DAF marque, and Navistar under pressure. Europe, more usually associated with truck blockades, could end up clearing the M&A highway...(Photo from insurancechoice.co.uk: truck and small fleet)

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