Geely Holding To Buy Stakes In AB Volvo

Geely Acquires 8.2 Per Cent Stake In Volvo Trucks

Geely Holding acquired the Volvo Car Group from Ford Motor Company in 2010 but says it has no plans to merge the two Volvo businesses, but sees potential for joint marketing.

Chinese privately-owned automaker Zhejiang Geely Holding Group has agreed to buy an 8.2% stake in Swedish truckmaker AB Volvo from Europe's largest activist fund manager, Cevian Capital. Reuters reports that the business is worth approximately $3.3. billion. In addition to its namesake heavy-vehicle brand, Volvo AB's marques include Mack, Renault Trucks and UD. Mack is in the midst of adding another 400 workers to the plant's payroll, which will bring the facility's total employment to 2,400 as the company responds to higher market demand, including interest in its new highway truck.

While making a statement on the decision Geely Chairman Li Shufu said that by the virtue of its experience with Volvo Car Group, the company now totally understands and identifies itself with Scandinavian history, culture.

The deal makes Geely the biggest individual shareholder in AB Volvo and second ranked in terms of voting rights behind Swedish investment firm Industrivarden (INDUa.ST).

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Christer Gardell, co-founder of Cevian, said that the transaction gives AB Volvo a "large and committed shareholder", and with one with expertise in strategically important areas, alluding to the Chinese market and its expertise in areas including electric cars.

Geely's Chief Financial Officer Daniel Donghui Li said the company is "a well-recognised strategic long-term investor", and aims "to contribute positively to the long-term development of AB Volvo".

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 past year.

This move by Geely continues the company's trend of acquisitions over the last few years.


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