China's Geely buying stake in Mack Trucks' parent company
01:01, Dec 29, 2017
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The transaction will make Geely the biggest single shareholder in Volvo and the second biggest holder of voting rights.
Earlier this year, Geely bought 49.90% of Malaysian vehicle business Proto and 51% of Lotus (owned by Proton) and in 2013 Geely saved the struggling London Taxi Company after purchasing it.
Geely, the Chinese owner of the Volvo auto brand, is acquiring a piece of truck maker AB Volvo. Financial terms weren't disclosed, though analysts estimated the value of the deal at around 27 billion kronor ($3.3 billion).
The truck brand owns 45% of Dongfeng Commercial Vehicles, one of China's largest truck manufacturers, as well as a significant construction equipment business.
The investment in AB Volvo is the latest step by the Chinese automotive group, founded and controlled by billionaire Li Shufu, to expand its footprint around the world.
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Geely also launched a new brand, Lynk & Co., in 2016.
So, will this mean a reuniting of the truck and construction vehicle arm of Volvo with Volvo Automobiles? It purchased The London Electric Cab Co. along with majority stakes in PROTON Holdings and Lotus Cars.
In a sign of its ambitions, the Chinese company last month offered to take a stake of up to 5 percent in Daimler via a discounted share placement but was rebuffed, according to sources with knowledge of the talks. Industrivarden owns mostly A shares and controls 22.8 percent of the votes. 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.
Nomura International Plc and Barclays Capital Securities Limited have agreed to acquire Cevian Capital's shares, and will sell them to Zhejiang Geely Holding Group when the necessary regulatory approvals have been obtained, the companies said.
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