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Business deals

Volvo Cars to buy parent Geely Holding's stake in China JVs

Company to be first major foreign automaker with full control over Chinese operations

The new electric Volvo C40 Recharge is presented in Stockholm on March 2. The company will have full ownership of its manufacturing plants in Chengdu and Daqing in China.   © Reuters

STOCKHOLM (Reuters) -- Sweden's Volvo Car Group said on Wednesday it had struck a deal to buy out parent company Geely Holding from their joint ventures in China, aiming to take full ownership of its factories and sales business in the world's biggest auto market.

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