China's Geely takes 8.2 pct stake in Swedish truck maker Volvo (updated)
27/12/2017 07:46
(Adds quotes, detail)
STOCKHOLM, Dec 27 (Reuters) - Activist investor Cevian
Capital has agreed to sell its 8.2 percent stake in Swedish
truck maker AB Volvo VOLVb.ST to China's Zhejiang Geely
Holding Group, Cevian and Geely announced in a joint statement
on Wednesday.
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
INDUa.ST .
Geely is also the owner of Volvo Car Group.
"We are delighted to have reached agreement with Cevian to
acquire its holding in AB Volvo, making us the largest
shareholder by capital in a company that leads the world in many
aspects of commercial vehicle development, manufacturing and
sales," Geely Chairman Li Shufu said.
"We will support the Board of Directors and the management
of AB Volvo in their continued execution of the current
strategy," he added.
Nomura International Plc and Barclays Capital Securities
Limited have agreed to acquire Cevian Capital's shares, and will
sell them to Geely when the necessary regulatory approvals have
been obtained, the companies said.
(Reporting by Johannes Hellstrom, editing by Terje Solsvik)
((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))
Keywords: VOLVO GEELY/