chinas geely takes 27bn euro stake
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

in Swedish truckmaker Volvo

China's Geely takes 2.7-bn euro stake

Arab Today, arab today

Arab Today, arab today China's Geely takes 2.7-bn euro stake

China's Geely has become the biggest shareholder in AB Volvo.
Stockholm - Arab Today

China's Geely, which already owns the Swedish car brand Volvo, has now become the biggest shareholder in AB Volvo, the world's second-largest truck manufacturer in a transaction worth around 2.7 billion euros ($3.2 billion), it announced on Wednesday.

Geely said in a statement it had "reached agreement with Cevian Capital, Europe's largest activist fund manager, to acquire its entire 8.2-percent share capital holding and 15.6-percent voting rights in AB Volvo."

Financial details were not disclosed, but based on the current price of AB Volvo shares, the transaction is worth around 27 billion Swedish kronor.

"Geely Holding has committed to acquire Cevian's 88.47 million A-shares and 78.77 million B-shares in AB Volvo," the statement said.

"On completion and following necessary regulatory approvals, Geely Holding will become the largest holder of AB Volvo's share capital."

The biggest stakeholder in terms of voting rights is still the Swedish investment fund Industrivarden, which holds a voting stake of 21.8 percent. It also holds a capital stake of 6.7 percent.

Geely Holding chairman Li Shufu said the Chinese automotive group was "delighted" to become "the largest holder of share capital in a company that leads the world in many aspects of commercial vehicle development, manufacturing and sales."

Volvo, founded in 1927, sold off its cars business to US auto giant Ford in 1999, to concentrate on the commercial vehicles business.

Just after 1100 GMT, AB Volvo shares were showing a loss of 2.3 percent on the Stockholm stock exchange at 157.20 kronor.

 

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas geely takes 27bn euro stake chinas geely takes 27bn euro stake

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas geely takes 27bn euro stake chinas geely takes 27bn euro stake

 



GMT 03:07 2017 Wednesday ,25 January

Health care veterans, pioneers awarded

GMT 05:44 2017 Saturday ,11 November

Business as usual as Hamilton dominates Brazil practice

GMT 11:08 2018 Thursday ,25 October

Russia to be at very high level at conference on Libya

GMT 15:00 2012 Saturday ,21 April

Nelly Karim: Egypt akin to \'Hiya Fawda\'

GMT 03:02 2018 Saturday ,20 January

Egypt's President Sisi says will stand for re-election

GMT 00:51 2017 Tuesday ,24 October

HH the Emir Meets Foreign Minister of Kuwait

GMT 05:42 2017 Saturday ,02 September

64 dead in clashes in Raqa province

GMT 00:08 2017 Sunday ,05 March

Desperate migrants escape Libya 'hell'

GMT 19:24 2016 Saturday ,12 November

Israeli air forces attack Syrian position in Qunaitera

GMT 07:25 2017 Tuesday ,14 March

China's retail sales up 9.5% on-year in Jan-Feb

GMT 21:05 2017 Friday ,08 December

Saudi Assistant Defence Minister arrives in Bahrain

GMT 23:31 2017 Thursday ,09 March

HH Sheikha Moza to Visit Sudan, Tunis

GMT 11:45 2017 Saturday ,05 August

Fouad Al-Kaam wishes to shine
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday