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29 December 2017, 01:03 | Lionel James
China's Geely turns to Volvo trucks in latest Swedish venture
Chinese vehicle maker Zhejiang Geely Holding Group said Wednesday that it would by a $3.23 billion stake in Swedish truck and bus company Volvo AB, another sign of Chinese companies' appetite for global auto assets, The Wall Street Journal reports.
Volvo, which also makes buses, construction equipment and diesel engines, was the parent of Volvo Cars until 1999, when it was sold to Ford Motor Co.
Daniel Donghui Li, Chief Financial Officer and Executive Vice President of GeelyHolding, added: "Geely Holding is a well-recognised strategic long-term investor, and as such we aim to contribute positively to the long-term development of AB Volvo".
Geely Holding also has stakes in the company that makes London's black cabs, sports carmaker Lotus, the London Electric Vehicle Company, and the Boston-based flying auto company Terrafugia Inc.
"We will treat the new owners in the same way that we treat our other shareholders", a spokesman for AB Volvo said.
Shares of its Hong Kong-listed subsidiary Geely Automobile Holdings gained 0.6 per cent to HK$25.8 (US$3.30) on Wednesday, jumping 254 per cent from the close of previous year.
Under the terms of the agreement, Cevian will sell all of its 88.47 million A-shares and 78.77 million B-shares in Volvo to Nomura International and Barclays Bank, Geely and Cevian said in a joint statement.
The Chinese owner of Sweden's Volvo Cars Corp is buying a stake in truck manufacturer AB Volvo, expanding a portfolio of vehicle brands that includes shares in Malaysia's Proton Holdings Bhd and Britain's Lotus Cars Ltd.
Li Shufu, chairman of Geely Holding, said he was delighted by the deal. "The agreement will not only give AB Volvo a new large and committed shareholder, but one with significant expertise in strategically important areas for future value creation, such as electrification, autonomous driving, connectivity and the Chinese market".
Geely also launched a new brand, Lynk & Co., in 2016.
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