Today, 28 March, Zhejiang Geely Holding Group Co. Ltd and Ford Motor Company have signed a stock purchase agreement regarding the ownership of Volvo Car Corporation.
The deal is anticipated to be completed in the third quarter of 2010.
Both Ford and Zhejiang Geely have issued press releases regarding the agreement. Please go to "Additonal information" to read them or go to http://www.media.ford.com/
Stated in Zhejiang Geely Holding Group's press release:
Mr. Li Shufu, Chairman Zhejiang Geely Holding Group Co. Ltd, says:
"We are pleased to have reached this agreement with Ford, enabling us to safeguard and strengthen Volvo's renowned brand heritage. This transaction will ensure Volvo's continued leadership in the premium segment, where it enjoys a global reputation for safety and environmental-friendly technologies. This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design."
"As part of the proposed transaction, Zhejiang Geely Holdings will maintain the strong collaborative relationships that Volvo has built with employees, unions, suppliers, dealers and above all, customers. On completion, Volvo Cars will be a separate company with its own management team based in Gothenburg, Sweden, and a new board of directors.
The board and the management will have a mandate to develop Volvo Cars' leadership in safety and clean environmental technologies, expanding the company as a world-leading premium brand with a presence in more than 100 markets and ambitious plans in the fast-growing Chinese market."
Images from the signing will be related to this press release later during the evening.
Facts about Zhejiang Geely Holding Group Co., Ltd.
Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in Hangzhou, China. Zhejiang Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing. They are a fully-integrated independent auto manufacturer producing cars, engines and transmissions. Today, they are one of China's fastest growing automotive manufacturers, as well as the industry's leading privately held group.
Click here to watch the press conference:
For further information please go to:
Ford Motor Company's media centre:
Zhejiang Geely Holding Group Co.'s media centre: http://www.geely.com/global/media_centre/press_releases.html
Contact information Ford:
Equity Investment Community:
Fixed Income Investment Community:
Contact information Geely:
Mr. Yuan Xiaolin
Zhejiang Geely Holding Group
Tel: +86 (571) 2813-6666
Mobile: +86 1371-806-4551
N.M. Rothschild & Sons Limited
Sole financial Advisers to Zhejiang Geely Holding Group
Tel: +44 7768 392962
Mr. Tim Burt
Brunswick Group LLP
Tel: +44 (20) 7396-7497
Mobile: +44 (7834) 502-497
Mr. Anders Fogel
Brunswick Group LLP
Tel: +46 (8) 4103-2181
Mobile: +46 (709) 627-842
Zhejiang Geely Holding Group Co. Ltd.
No. 1760 Jiangling Road,
People's Republic of China
Tel:+86 (571) 2800-1111
Fax:+86 (571) 8776-6217
Tel: +86 (571) 8776-6209
Contact information Volvo Car Corporation:
SVP Olle Axelson, Public Affairs
Press Spokesman Per-Åke Fröberg
Tel: +46 31 59 65 25