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Business deals

China's Geely Automobile in talks on boosting ties with Volvo

Link-up would create global business listed in Hong Kong and Stockholm

Zhejiang Geely Holding Group acquired Volvo from Ford Motor Co. in 2010.   © Reuters

China's Geely Automobile said on Monday it is in early discussions with Swedish carmaker Volvo Car AB about combining the two businesses into a global business with listings in Hong Kong and Stockholm.

Zhejiang Geely Holding Group, Geely Automobile's parent group, acquired Volvo from Ford Motor Co in 2010.

The combined company would have "the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry", according to the statement.

The combination of two companies would have brands including Volvo, Geely, Lynk & Co and Polestar. Geely's new energy brand Geometry will also be included, a company spokesman confirmed.

There had been previous discussions about listing Volvo https://www.reuters.com/article/us-volvo-cars-ipo/volvo-cars-drops-ipo-due-to-trade-tensions-and-auto-stocks-downturn-idUSKCN1LQ0IO as a separate company in Stockholm but these were put on hold in 2018.

(Reuters)

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