China’s Geely Accelerates Global Growth With Volvo Truck Stake

Mony
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Zhejiang Geely Holding Group Co., the owner of Volvo Car, said it has agreed to acquire a stake in Swedish truck and bus maker Volvo AB valued at $3.24 billion, marking another big step in the Chinese auto maker’s push outside its home country.

Geely said Wednesday it has reached an agreement with Cevian Capital to acquire the investment firm’s entire 8.2% share capital holding and 15.6% voting rights in Volvo AB, making it the largest shareholder in the company.

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