Bilspedition, the big Swedish transport company, is building up a vast credit reserve in U.S. dollars in preparation for the opening up of the European transport market.

The company's finance branch, Biljonen, through its London subsidiary Bilspedition PRC, has come out with a Euro commercial paper program of $75 million plus a credit of $30 million.Organizers for the program are the Swedish Svenska Handelsbanken and the Banque Nationale de Paris, both in London. Three other banks - Commerzbank in Cologne and the Bergen and Den Danske banks in Luxembourg - are also involved in the $30 million credit.

We want to set up early with massive finance available for the day we can buy some large company in Europe, said Claes Kellgren, managing director of Biljonen.

While there isn't a suitable company available at the moment, we are actively on the lookout, he said. But the first thing we want to do is cut our interest costs dramatically.

Money from the program will also finance the purchase of trailers and other transport equipment for Bilspedition's subsidiaries outside London.