Chinese Geely has sold all its b shares in truck manufacturer AB Volvo. The deal brings the Chinese 9.5 billion kroner.
Chinese Geely Holding, which has owned Volvo Cars since August 2010, has also held much of the power in truck manufacturer AB Volvo.
But now the Chinese influence has become significantly less. Even though the Chinese remain the truck manufacturer's second largest investor. Geely has sold all of the company's so-called b-shares, which give limited influence, in the truck manufacturer.
This is written by the financial media Bloomberg .
The deal has reportedly brought Geely around DKK 9.5 billion. What the money will be used for is yet to be seen, but it is not inconceivable that the Chinese will throw some of it towards the development of the group's passenger cars.
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Here you can find most of Volvo Cars and the breakaway brand Polestar. Polestar, which Volvo Cars lost control of earlier this year. It happened i.a. after trouble about the car brand's valuation in a major Swedish bank. Read more about it here.
– Geely Holding's strategic adjustment and inclusion of AB Volvo in its car production and investment portfolio is part of the group's risk management and a diverse investment strategy, says Geely according to Bloomberg.
Polestar has recently had to put up with a bit of everything. First a threat to sell off the stock exchange in New York and then a giant slap in the face of the stock market. However, the director denies that he is in charge of 'Fisker 2.0'. Read more about it here .
Still, Polestar's share price is hovering well below the required one dollar. Shortly after the warning from the stock exchange in New York, the value fell by 40 percent and is now down to 75 cents. This corresponds to 5.15 Danish kroner.
Read more exciting news from and about the world of cars right here!
