Jan 15 Reuters Sweden39;s Volvo said on Monday it had signed an option agreement to sell its Arquus defence unit to John Cockerill Defense, and would book a fourthquarter operating loss from the deal of some 900 million Swedish crowns 87.44 million.

Volvo expected consultations to become finalised during the first quarter of this year. In 2022, Arquus, with about 1,200 employees in France, represented around 1 of Volvo Group revenues, it said in a statement.

This prospective acquisition contributes to strengthening cooperation between France and Belgium in a strategic sector, said Belgium39;s John Cockerill in a statement.

1 10.2926 Swedish crowns

Reporting by Greta Rosen Fondahn; editing by Terje Solsvik

Source Reuters