Volvo unions on board as deal looms
Published: 28 Mar 10 12:14 CET | Print version
Online: http://www.thelocal.se/25778/20100328/
The takeover of Volvo by Zhejiang Geely Holding looks set to go ahead on Sunday as unions linked to the Swedish car maker agreed to the Chinese company's purchase.
- EU green lights Volvo and Dongfeng merger (8 May 13)
- Volvo posts biggest loss since financial crisis (25 Apr 13)
- Volvo Cars expected to post major losses (18 Apr 13)
"As far as the unions are concerned, we are in favour of the agreement."
Unions, fearing job cuts, had earlier demanded more details on the transaction.
Magnusson did not provide details on the talks with management, saying he and his colleagues from other unions had signed a confidentiality agreement.
Asked whether the Chinese company had given a guarantee that jobs would remain in Sweden, Magnusson said, "we have obtained a response to our questions."
Volvo has 22,000 employees worldwide, including 16,000 in Sweden.
A Volvo spokesman earlier told AFP that, barring any last-minute glitches, the signing of the deal will take place on Sunday afternoon when a press conference is scheduled or on Monday.
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the worse the chinese can do is run volvo from 1.6 billion to zero.
ha ha