Reuters has reported that Chinese carmaker Geely has purchased an 8.2 percent stake in AB Volvo from Cevian Capital. Geely also owns the Volvo car brand. Reuters reports that the business is worth approximately $3.3. billion.
There are “no plans to merge” the two Volvos, a Geely spokesman confirmed when contacted by Reuters. Both companies are based in Gothenburg, Sweden’s second largest city.
The Reuters article also noted that AB Volvo owns 45 percent of Dongfeng Commercial Vehicles, one of China’s largest truck makers.
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