EU approves Geely Volvo purchase
Published: 7 Jul 10 07:26 CET | Print version
Online: http://www.thelocal.se/27646/20100707/
The takeover of Sweden's Volvo Cars by Chinese carmaker Zhejiang Geely Holding and the a regional state investment fund based in the Chinese petroleum city of Daqing was cleared by the European Union's competition watchdog on Tuesday.
- Volvo Cars expected to post major losses (18 Apr 13)
- CEO: 'very difficult' for Volvo Cars to avoid loss (19 Dec 12)
- Volvo Cars to refinance loans with Chinese help (14 Dec 12)
The commission found that the overlap between Geely and Volvo was "very limited" since the Chinese company "has almost no passenger car sales in Europe.
"Furthermore, Volvo's very limited presence in the field of supply of diverse car components would not allow the merged entity to close off other market players," the commission said in a statement.
The European body also noted that the sole business of the regional state fund "is the investment and management of state-owned assets."
Geely sealed a deal worth 1.8 billion dollars in March to buy loss-making Volvo from Ford Motor of the US.
Geely has said it had plans to expand Volvo's presence in China, now the world's largest car market.
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