Skip to content
Advertisements

Geely considering IPO for Volvo; listing in HK, Sweden

Geely considering IPO for Volvo; listing in HK, Sweden

https://paultan.org/2018/05/16/geely-considering-ipo-for-volvo-listing-in-hk-sweden/

Zhejiang Geely Holding Group is considering listing its Volvo Cars unit, Bloomberg reports, adding that the Chinese auto group has sought out Citigroup, Goldman Sachs and Morgan Stanley to advise on an initial public offering (IPO) for the Swedish carmaker this year.

According to people familiar with the matter, Geely and Volvo have discussed valuing the Swedish company between $16 billion to $30 billion in a stock sale, and there are plans for dual listing in Sweden and Hong Kong. Geely Automobile Holdings is listed in Hong Kong.

The report’s sources, who asked not to be identified because the deliberations are confidential, say that Volvo shares could be sold as early as this fall, although no final decisions have been made and plans may change.

Volvo Cars CEO Hakan Samuelsson said in March that a share sale is a possible option for Geely owner Li Shufu to decide. Geely acquired Volvo from Ford in 2010 and has steered the Gothenburg-based company in the right direction in terms of growth and profits.

Geely has been busy making moves in the auto market of late. Last year, Geely acquired a big stake in Proton to be the Malaysian company’s foreign partner, while also taking control of Lotus. More recently, Geely became the largest single shareholder in Daimler, parent company of Mercedes-Benz, when it mopped up almost 10% of the German company.

The post Geely considering IPO for Volvo; listing in HK, Sweden appeared first on Paul Tan’s Automotive News.

Car News

via Paul Tan’s Automotive News https://paultan.org

May 16, 2018 at 07:17AM
http://s4.paultan.org/image/2018/03/Volvo-XC60-T8-Inscription-Plus-Twin-Engine-AWD-CBU_Ext-20-108×108.jpg

Categories

Car News

Tags

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: