Geely turns his attention back to Volvo, this time wanting its heavy vehicles
Beijing — About a decade after Chinese billionaire Li Shufu bought the Volvo car nameplate from Ford Motor and revived the brand, he’s turning his attention to the Swedish company’s heavy vehicles in a bid to bulk up outside China. Li’s Zhejiang Geely Holding said on Wednesday it planned to buy a stake in Volvo from activist investor Cevian Capital, making it the truckmaker’s largest shareholder. The deal is valued at about €3.25bn, people familiar with the matter said separately, verifying a figure reported earlier by Swedish newspaper Dagens Nyheter. The stake, representing 8.2% of Volvo’s capital and 15.6% of the votes, would mark Hangzhou-based Geely’s first foray into the heavy-truck segment. In addition to its namesake heavy-vehicle brand, Volvo’s marques include Mack, Renault Trucks and UD. The Chinese carmaker, which is in a race to develop technologies such as autonomous driving, electrification and connectivity, this year bought a 49.9% stake in Malaysia’s Proton Holdings ...
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