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Geely acquires strategic stake in AB Volvo
29 December 2017, 01:03 | Lorenzo Hawkins
China's Geely turns to Volvo trucks in latest Swedish venture
GeelyHolding Group (吉利控股) on Wednesday said the acquisition of shares from Cevian Capital AB, a fund manager, would give it 8.2 percent of Volvo's share capital and 15.6 percent of the voting rights.
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. The deal is valued at about €3.25 billion ($3.9 billion), people familiar with the matter said separately, verifying a figure reported earlier by Swedish newspaper Dagens Nyheter.
How the deal impacts Volvo's relationship with Chinese truck maker Dongfeng, in which Volvo has owned a 45% stake since 2015, is unclear. Geely and Cevian declined to disclose the exact value of the transaction. Volvo Trucks is one of the world's leading manufacturers of heavy trucks but it needs the assistance of a company better entrenched in the rapidly expanding Chinese market.
Cevian, which has held shares in Volvo since 2006, this year called for a break-up, suggesting the smaller Volvo Construction Equipment and engine and technology firm Volvo Penta should be separated from the main truck making business. Geely also owns the company that makes London's black cabs and bought British sports carmaker Lotus back in August. It is believed Geely paid about £2.5bn for the stake. Industrivarden owns mostly A shares and controls 22.8 percent of the votes.
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.
Industrivarden declined to comment when contacted by Reuters.
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