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German truck maker MAN AG will acquire the Brazilian truck and bus operations of Volkswagen AG, which is MAN’s largest shareholder, for an undisclosed sum, Bloomberg reported Monday.

The Brazilian unit, which MAN says has a value of about $1.6 billion, will become part of MAN on Jan. 1, Munich-based MAN said in a statement, Bloomberg reported.

The boards of both MAN and Wolfsburg, Germany-based Volkswagen have approved the deal, Bloomberg s.