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2/10/2020, 1:33 PM (Source: TeleTrader)
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Volvo, Geely consider combining businesses

China's auto giant Geely Automobile Holdings Limited and Volvo Cars AB said on Monday they are considering combining their businesses to create a group that would "accelerate financial and technological synergies between the two companies."

"We look forward to working with Håkan Samuelsson, president and CEO of Volvo Cars, to further investigate this opportunity with the goal to strengthen the synergies within the Group while maintaining the competitive advantage and the integrity of each individual brand," Geely chairman Li Shufu stated. The carmakers noted the combined company would initially list on the Hong Kong Stock Exchange, while a later listing would be planned for Stockholm. The companies stressed that Volvo, Geely, Lynk & Co and Polestar would all keep their identities after the potential combination.

In 2010, Geely's parent Zhejiang Geely Holding Group acquired Volvo Cars from Ford.

Breaking the News / NP