"We never comment on these kinds of stories," a Volvo spokesman said. He was responding to a report Friday in Sweden's Dagens Industri daily. The paper said Volvo, which sold its car division to U.S. automaker Ford last month, was on the verge of making an offer for Navistar. Dagens Industri said Volvo's bid might be in the range of $48-$50 per share, valuing the company at up to $3.3 billion.

Navistar's shares closed at $39.07 on Wall Street Thursday. Navistar (NAV) shares hit a nine-year peak of $43.50 in mid-February on speculation that it would be taken over by Volvo as part of the Swedish company's drive to expand commercial vehicle production.

Analysts say that Volvo must decide quickly how to invest the $6.45 billion it will make from the sale of its car division to restore shareholder value and to avoid beingtaken over itself. Volvo has repeatedly said it will not rush into a deal.

"We have said we are in no rush, we will use our money in a wise way," the Volvo spokesman said. Volvo Monday said it had broken off talks on acquiring its Swedish rival Scania because Scania's main shareholder, Investor AB, was demanding too high a price.Dagens Industri reported the two top bosses of Volvo and Navistar were due to meet next week.