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 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling

GMT 11:34 2017 Wednesday ,22 March

33 Syrians killed in Air raid on Raqqa’s school

GMT 11:03 2017 Wednesday ,01 March

Asala declares her solidarity with George Wassouf

GMT 17:57 2017 Wednesday ,11 October

Mideast nations turn to private sector

GMT 14:11 2016 Wednesday ,30 November

Tunisia wins billion-dollar pledges to boost economy

GMT 23:41 2017 Tuesday ,26 September

Qatar laborer ‘sacked’ after speaking to UN team

GMT 04:28 2017 Tuesday ,21 March

Enrique Iglesias to headline Bahrain F1
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 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

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