- Sweden edition
- Change edition:
- France |
- Germany |
- Norway |
- Switzerland
February 12, 2012
China approves Geely's takeover of Volvo
Published: 29 Jul 10 16:36 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/28080/20100729/
China's Ministry of Commerce has approved Zhejiang Geely Holding's plans to buy Sweden's Volvo Cars from Ford, a report said on Thursday.
The deal was approved on Monday and does not require the backing of any other Chinese government agencies, Dow Jones Newswires reported, quoting an official in the commerce ministry's press section.
Geely, which agreed to take over Volvo in March, has said it will spend $2.7 billion (19.57 billion kronor) on the deal -- the original price tag of $1.8 billion plus $900 million in working capital to improve the brand. The European Union's competition watchdog has already cleared the takeover.
The Chinese carmaker has said it expects to close its acquisition of the Swedish brand -- known for its sturdy family-friendly vehicles -- by the end of September.
Geely has said it plans to expand Volvo's presence in China, now the world's largest car market. Chairman Li Shufu will also lead the Swedish firm, the two groups said earlier this month.
Geely has become one of China's biggest private car makers since launching its auto manufacturing business in 1997. It has annual production capacity of 300,000 cars, but has sold fewer than 200,000 abroad since 1997.
What do you think? Leave your comment below.
Fark It!
Digg This
Share everywhere
Send to a friend
Printable version
Twitter This
Saab shares dive despite strong 2011 report
Swedish defence group Saab on Friday reported a major boost in earnings for 2011 thanks to winning several major contracts, but a drop in orders left investors jittery, sending Saab's stock price down nearly 10 percent. READ »
Mats Sundin in massive kid's health research gift
Mats Sundin, the ex-Swedish hockey great, has made a donation supporting research into children's health at Karolinska Institutet in Stockholm and the University of Toronto. READ (4 COMMENTS) »
H&M under fire over Cambodia mass faintings
H&M has been criticized for choosing not to attend a hearing to highlight poor conditions for textile workers in Cambodia, where hundreds of employees at a plant run by the Swedish fashion giant mysteriously passed out in August. READ (6 COMMENTS) »
SAS earnings hit by Spanair bankruptcy
The bankruptcy of Spanair pulled SAS into the red for 2011, despite improved operating profits, the Scandinavian airline reported on Wednesday. READ (2 COMMENTS) »
Saab to cut Swiss Gripen fighter price: report
Swedish defence group Saab have announced that it will cut the price on its Gripen fighter jet to secure its Swiss order after a threat by French planemaker Dassault to undercut them. READ (5 COMMENTS) »
Few Swedes ready to work until they're 75: poll
An overwhelming majority of Swedes disagree with Swedish prime minister Fredrik Reinfeldt's suggestion that workers should be ready to stay on the job until they are 75, a new poll shows. READ (34 COMMENTS) »
Several bids for Saab: administrator
Several companies are interested in buying Saab, confirmed the bankrupt Swedish carmaker's administrators on Tuesday, while currently unwilling to disclose the identities of the bidders. READ (2 COMMENTS) »
US ISPs block hacker probes: Swedish police
The Swedish National Police Board has called for new international laws to catch hackers on the internet, after US internet service providers refused to divulge information on the weekend's attack on government websites. READ (5 COMMENTS) »
Fire brigade slammed for 'renting out' rooms
Emergency services in Gothenburg have come under fire recently after it came to light that a fire station had been renting out rooms to visiting colleagues. READ (2 COMMENTS) »
Kinnevik in bid to buy up publisher Metro
Swedish investment firm Kinnevik has made an offer to buy up Metro International, a global publisher of free newspapers. READ (2 COMMENTS) »
- 03/02 Volvo group announces record sales for 2011 »
- 03/02 TeliaSonera reports profit drop for 2011 »
- 02/02 Electrolux profits plunge amid weak demand »
- 02/02 AstraZeneca job cuts hit Södertälje hard (7 comments) »
- 02/02 Europe's banks set for years of 'shrinkage': Borg (2 comments) »
- 01/02 'Underclass-safari' post lands official in trouble (1 comment) »
- 01/02 Supreme Court denies Pirate Bay right to appeal (10 comments) »
- 31/01 ABB irked by link to Norwegian killer (2 comments) »
- 31/01 Sweden gets a seat at the eurozone table (8 comments) »
- 30/01 Five buyers 'seriously interested' in Saab (8 comments) »
20 things to know before moving to Sweden
As diverse as Sweden is, there are a few societal norms that are distinctly Swedish. Understanding a handful of them will hopefully prepare you culturally before you relocate. When you're invited home to a Swede, you better be on time and take your shoes off, writes expat Lola Akinmade-Åkerström. Read more »
How far can English take you in Sweden?
Sweden is a country where almost everyone can speak English. So why bother to learn Swedish? Edina Varnagy from Hungary managed with English for a whole year but then found that Swedish could open doors – to a job, a social life and greater understanding. Read more »
| 11/02 | Executive Assistant Vattenfall |
STHM |
| 11/02 | Area Product Manager Denmark Anton Paar Nordic AB |
Köpenhamn/Odense |
| 11/02 | Test Engineer Clavister |
Örnsköldsvik |
| 11/02 | Security Software Developer Clavister |
Örnsköldsvik |
| 11/02 | Press Secretary Vattenfall |
STHM |
| 10/02 | PRODUCT MANAGER - NORDICS Johnson & Johnson AB |
Sollentuna |
| 10/02 | YOUNG TALENT PROGRAM - DEVELOPMENT ENGINEER -- TEST/VALIDATION Tetra Pak |
Lund |
| 10/02 | Sr. Curriculum Developer QlikTech International AB |
Lund |
| 10/02 | Technology specialist Novozymes A/S |
Copenhagen |
| 10/02 | JAVA DEVELOPER IGT AB |
Stockholm |
- 10/02 Berlin defies EU over copyright deal »
- 10/02 Germans don't trust Greece to tighten belt »
- 09/02 Tourists flock to Germany in 2011 »
- 09/02 Daimler books record €6-billion profit »
- 08/02 Exports top €1 trillion despite euro crisis »
- 08/02 GM threatens major job cuts at Opel »
- 07/02 Court caps Jewish ghetto pension claims »
- 06/02 Industrial orders rise amid eurozone gloom »
- 06/02 Former spy boss moves to Deutsche Bank »
- 06/02 China offers Merkel some comfort for Europe »
- 22:47 My Skype Idea
- 22:30 Supermarket frustration irks
- 22:20 Björn Johan Andressen
- 20:23 Just collected a doctors prescription
- 20:18 Tax free savings accounts (for children)
- 20:05 Have you ever seen ghost in Sweden?
- 20:03 Rejected work permit
- 19:54 Things to remember while buying a fritidshus
- 19:43 Need to replace windows
- 18:26 What is death?
Therapy in English in Stockholm Trained in California Individuals & Couples (08) 93 81 48 FREE phone consultation
Visit anxiousorblue.se
The new Online Tennis Store with the largest selection of Babolat Products in Sweden
http://www.babolatshop.se
Turning Point Counselling centre offers the international community of Stockholm a safe space for personal development, counselling and coaching.
http://www.turning-point.se/show.asp
Swedish Down Town PR Consulting and Productions is an innovative business company which provides valuable assistance with Public Relations and Communications in the swedish and the international market.
www.swedishdowntown.com
Find products and services that are specifically focused on English speakers living in Sweden!
FULL DETAILS
British-Australian Male Counsellor. Counselling Therapy for Depression, Mental Health, Sex, Relationship & Expat Issues
08-559 22 636 or CLICK HERE
Individuals & Couples - Stockholm Beth Rogerson PhD - Clinical, Marriage & Family Therapist
Click or call 08-5580 1266 now
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.