Geely completes the purchase of Volvo

Geely completes the purchase of Volvo
Aug 2, 2010 23:14
gueststeven	Geely Holding Group Co. paid 1.3 billion US dollars in cash and issued a 200 million note today for the acquisition of Volvo from Ford Motor Co. On March 28 this year, both sides signed an agreement in Gothenburg. According to this agreement, Geely will pay 1.8 billion for buying Volvo. Up to now, Geely has paid 1.5 billion. The left 300 million will be given in the latter half of this year. And Geely also assigns new CEO for Volvo. Stefan Jacoby, Volkswagen AG’s former U.S. chief, will succeed Stephen Odell as Volvo’s chief executive officer.

Aug 2, 2010 23:14

gueststeven

Geely Holding Group Co. paid 1.3 billion US dollars in cash and issued a 200 million note today for the acquisition of Volvo from Ford Motor Co.

On March 28 this year, both sides signed an agreement in Gothenburg. According to this agreement, Geely will pay 1.8 billion for buying Volvo. Up to now, Geely has paid 1.5 billion. The left 300 million will be given in the latter half of this year.

And Geely also assigns new CEO for Volvo. Stefan Jacoby, Volkswagen AG’s former U.S. chief, will succeed Stephen Odell as Volvo’s chief executive officer.

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