Volvo unions on board as deal looms

AFP/The Local
AFP/The Local - [email protected]
Volvo unions on board as deal looms

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.


"We have received all the information that we were looking for," Glenn Magnusson, head of management organisation Ledarna, told TT news agency after two meetings with US-based Ford and Geely management in Gothenburg on Saturday.

"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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