On August 2, 20 10, Geely Holding Group officially completed the acquisition of all the shares of Volvo Car Company, a subsidiary of Ford Motor Company.
Geely Group paid Ford $654.38+03 billion in cash and $200 million in bank notes, and the remaining funds will be settled in the second half of the year. With the smooth delivery of Geely Volvo's assets, it also means that the largest overseas M&A in China's automobile industry has come to a successful conclusion. Two funds jointly bid for Geely with Volvo, insisting on 100% holding.
Dynamics of Geely's Acquisition of Volvo Cars
Volvo Cars has officially become a member of China's own brand automobile enterprises. Yesterday, Zhejiang Geely Holding Group Co., Ltd. (hereinafter referred to as "Geely Holding Group") announced that it had completed the acquisition of all the shares of Volvo Car Company in London on August 2. According to the reporter's understanding, Geely's acquisition funds this time are less than the previously estimated $6,543.8+0.8 billion. At this point, China's largest overseas vehicle asset acquisition case came to an end.
Four months after Geely's agreement to acquire Volvo was formally signed, the transaction was approved by the China municipal government, which means that the transaction is close to the delivery date. It is expected that the whole transaction will be completed nearly one month ahead of schedule. Prior to this, in June and July, the transaction was approved by the US and EU regulators.
China Zhejiang Geely Holding Group Co., Ltd. formally signed an agreement with Ford Motor Company of the United States in Gothenburg, Sweden on the 28th, and Geely acquired 0/00% equity of Volvo1800 million US dollars.
According to the Wall Street Journal, Ford Motor Company is expected to sell its Volvo car business to China Zhejiang Geely Holding Group as planned before the end of March.
The Financial Times quoted sources as saying that Ford will sign an agreement as soon as this Sunday (March 28th) to sell its Volvo car business to Geely Holding Group. Geely will pay $654.38+08 billion for Volvo and raise another $750 million for the working capital of Swedish automobile brands.
An executive of Geely also confirmed in an interview with Economic Observer that Geely will formally sign a contract with Ford Motor Company of the United States in Gothenburg or Stockholm on March 28th or 29th to acquire Swedish Volvo Cars with a 65,438+000% equity.
Yuan Xiaolin, a spokesman for Geely, came to an abrupt end on many issues when answering media questions. But he made one thing clear: Geely's goal is a 0/00% stake in Volvo Car Company/KLOC.
Two funds have joined the competition: according to sources, one acquisition fund is from Sweden. The other is the former global director of Ford Motor Company.
Geely automobile (00 175. HK) finally officially admitted to bidding for Volvo cars owned by Ford. On the 28th, Ford Motor Company and Geely Automobile Company announced at the same time that the consortium led by Geely Automobile Company became the preferred bidder for Volvo Cars.
Geely Automobile (HK.0 175) announced yesterday that it will issue HK$ 2.586 billion convertible bonds and warrants to an affiliated company of Goldman Sachs Group, and part of the raised funds will be used for acquisition.
Geely Automobile executives publicly stated for the first time when attending the interim results conference in Hong Kong that Geely is participating in the acquisition of Volvo, a famous Swedish high-end automobile brand owned by Ford Motor Company of the United States.
An insider of Geely told CBN that the company's top management met yesterday afternoon to discuss the external caliber of this matter.
An authoritative executive close to Li Shufu told reporters: "Geely will definitely buy Volvo, but anything can happen before the final result comes out."
Although potential bidders, including Geely, previously denied bidding, it was learned from an internal executive that Geely had reached a preliminary intention with Ford to acquire Volvo.
According to people familiar with the matter, Geely Group bid about $2 billion for the Volvo division of Ford Motor Company. At present, Geely Group is in a leading position in the Volvo bidding war.
According to informed sources, many senior officials of Geely have gone overseas. One of the teams arrived in Gothenburg, the headquarters of Volvo in Sweden. The battle of Volvo is definitely a long process.
An authoritative executive close to Li Shufu told reporters: "Geely will definitely buy Volvo, but anything can happen before the final result comes out."
The Dongguan Municipal Government does intend to introduce a car factory, but it has nothing to do with Geely's acquisition of Volvo, nor is it the rumored production base of Geely's domestic XC90.
The head of public relations at Ford headquarters in the United States revealed to Phoenix. Volvo's future is still under evaluation, and no intention has been reached with any object. "This is news hype."
According to media reports, Geely Automobile has reached a preliminary intention to acquire Volvo. Phoenix Auto specially called a Geely spokesperson, and the other party said that "the acquisition is not reliable".