Geely Completes Volvo Takeover

Chinese auto manufacturer Zhejiang Geely Holding Group Co. announced on August 2 that it had completed the acquisition of the Volvo car brand from Ford Motor Co.

Geely said it had paid US$ 1.3 billion in cash and issued a US$ 200 million note in London to complete the transaction. The price is lower than the initial proposal price of US$ 1.8 billion when Geely signed the agreement with Ford in March due to the adjustments based on pension obligations and working capital, said the Chinese company.