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29 December 2017, 01:04 | Maryann Sutton
China's Geely turns to Volvo trucks in latest Swedish venture
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".
As well as Volvo cars which it acquired in 2010, Geely also owns the company that makes London's black cabs and sports carmaker Lotus.
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). Reuters reports that the business is worth approximately $3.3. billion.
AB Volvo owns 45 percent of Dongfeng Commercial Vehicles, one of China's largest truck makers, and also has a significant construction equipment business in China. At the same time, the company stressed it remained committed to implementing its "Blue Geely Initiative" with plans to offer 40 models using hybrid, plug-in hybrid, or pure electric powertrains by 2020 and thereby "become a leader in the development of new energy vehicles". Geely and Cevian declined to disclose the exact value of the transaction.
This move by Geely continues the company's trend of acquisitions over the last few years.
Geely bought up legendary British auto maker Lotus earlier this year and a USA startup developing flying vehicle technology. The Volvo Group itself has largely been turned around in the 11 years, for which Cevian has been a shareholder with the Swedish activist making a profit of about €2 billion (Rs 15,288 crore) on its stake.
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 a year ago.
Under the agreement, Cevian has sold all of its 88.47 million A shares and 78.77 million B shares in AB Volvo to Nomura International and Barclays Capital Securities.
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