Geely Raises Capitals for Acquiring Volvo

Posted on: Thu, 11 Mar 2010 06:29:39 EST

Symbols: VOLVY, F, GELYY

HONG KONG, Mar 11, 2010 (SinoCast Daily Business Beat via COMTEX) --

Geely Automobile Holdings Ltd. (SEHK: 0175) has financed USD 2.1 billion or SEK 15 billion and will ink a formal agreement with Ford Motor Company (NYSE: F | PowerRating) for the acquisition of Volvo Car Corporation as latest as March 31, 2010, edging into the world's luxury car market.

The acquisition of Volvo costs Geely USD 2 billion. Li Shufu, board chairman of the Chinese carmaker, has not denied the news. The raised capitals come from financial institutions and local governments, whose names Geely has not disclosed.

Geely is selecting locations for the local production of Volvo and the local governments in Beijing and Tianjin both intend to lure the settlement of the project. From them, Geely asks a fundraising of CNY 3 billion, most of which are low-interest loans.

As planned, Geely will set up a plant in China with a production capacity of 300,000 vehicles per year, nearly doubling Volvo's global output and turning the company's loss into profits before 2011 through making full use of the country's potential affordability and low labor costs.

Source: www.cnstock.com (March 11, 2010)

For full details on (VOLVY) VOLVY. (VOLVY) has Short Term PowerRatings at TradingMarkets. Details on (VOLVY) Short Term PowerRatings is available at This Link.

For full details on Ford Motor Co (F) F. Ford Motor Co (F) has Short Term PowerRatings at TradingMarkets. Details on Ford Motor Co (F) Short Term PowerRatings is available at This Link.

For full details on (GELYY) GELYY. (GELYY) has Short Term PowerRatings at TradingMarkets. Details on (GELYY) Short Term PowerRatings is available at This Link.

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