Business: Volvo Takes a Norwegian Mate

In exchange for cars, oil for the pumps of Sweden " We are leaving the defensive role Wand going on the offensive," declared Pehr Gyllenhammar, president of Volvo, Sweden's troubled giant (1977 sales: $3.6 billion). On that confident note, he announced last week a bold and imaginative reorganization that in one stroke will supply the automaker with urgently needed cash, give Sweden access to North Sea oilfields and bring in Norway as an energetic junior partner in a new binational corporation. The Norwegians, eager to use their oil riches to develop high-technology...

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