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China's Geely buying stake in Mack Trucks' parent company

China's Geely buying stake in Mack Trucks' parent company

Chinese vehicle maker Zhejiang Geely Holding Group said Wednesday that it would by a $3.23 billion stake in Swedish truck and bus company Volvo AB, another sign of Chinese companies' appetite for global auto assets, The Wall Street Journal reports.

They did not disclose the value of the transaction, which makes Geely Volvo's largest owner by capital and the second biggest by voting rights after investment firm Industrivarden.

"Given our experience with Volvo Car Group, we recognise and value the proud Scandinavian history and culture, leading market positions, breakthrough technologies and environmental capabilities of AB Volvo", Geely Chairman Li Shufu said in a statement on Wednesday.

Under the agreement, Geely will buy 88.47 million AB Volvo's A shares and 78.77 million B shares, representing 15.6% of the voting rights.

Earlier this month, China Central Television reported that Geely is interested in acquiring a 3% to 5% stake in Germany's Daimler AG, the parent company of Mercedes-Benz, for about 4 billion euros ($4.7 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.

Moscow ready to act as mediator between US, North Korea, says Kremlin
The fresh sanctions aim to limit its access to refined petroleum products and crude oil and its earnings from workers overseas . Russia, which now talks of mediating the negotiations between the USA and North Korea , supported the sanctions in the UN.

Jio vs Idea vs Vodafone vs Airtel: Prepaid and Postpaid Plans
Jio will also give the unlimited voice calls which are both local and STD roaming calls with all the national operators. Subscribers availing this pack from the website or app will get an additional 1 Gb data for the listed validity period.

Control of Virginia's State House Could Be Decided by a Coin Toss
The two candidates in the 94th District, which includes Newport News in southeastern Virginia, are now tied at 11,608 votes. A City Council race in Idaho was decided by a coin toss in November, only to have the results reversed after a recount.

The value of the transaction was not revealed. It also owns the company that makes London's black cabs and has invested in sports carmaker Lotus.

Volvo's B shares traded 0.8 percent higher for the day at 0935 GMT, while Industrivarden's shares were flat.

He said he is hoping that Geely's expertise in the domestic market and its skills in building electric and autonomous vehicles would help AB Volvo to expand. It is believed Geely paid about £2.5bn for the stake.

Geely also launched a new brand, Lynk & Co, last year.

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 past year.

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