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Volvo Cars mulls merger with Geely Automobile Holdings

Volvo Cars mulls merger with Geely Automobile Holdings

Mubasher: Volvo Cars currently considers a merger with Geely Automobile Holdings Limited to create a global carmaker with presence across key markets.

Following the potential merger, the combined company would be listed on the Stockholm Stock Exchange and Hong Kong Stock Exchange, where Geely Automobile is trading now, according to a statement on Monday.

Since 2010, Volvo Cars has been under the ownership of the Zhejiang Geely Holding of China, the parent company of Geely Automobile.

The transaction, still under consideration by Volvo, “would result in a strong global group,” chairman of Geely Holding Group, Li Shufu, said.

We look forward to working with Håkan Samuelsson, president and CEO of Volvo Cars, to further investigate this opportunity with the goal to strengthen the synergies within the Group while maintaining the competitive advantage and the integrity of each individual brand,” he added.