Announced
Financials
Tags
car plants
Joint Venture
Majority
Friendly
Acquisition
Private
Automobiles
China
Pending
Single Bidder
Cross Border
car manufacturing
Synopsis
Volvo Cars, a Swedish luxury automobile marque, agreed to acquire a remain 50% stake in Daqing Volvo Car Manufacturing and Shanghai Volvo Car Research and Development, two Chinese car manufacturing plants and sales operations, from Geely, a Chinese multinational automotive company. Financial terms were not disclosed. “With this agreement, Volvo Cars will become the first major non-Chinese automaker with full control over its Chinese operations,” Hakan Samuelsson, Volvo Cars CEO.
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