Geely announced the completion of the acquisition of the entire equity interest of Volvo Cars
August 2, 2010, Zhejiang Geely Holding Group Co., Ltd. (abbreviation: Geely Holding Group) formally announced the completion of the Ford Motor Company’s Volvo Car Corporation acquired all the shares.
Geely Holding Group in March 28, 2010 announced the signing of stock purchase agreement, agreed to buy 1.8 billion Volvo Car Corporation, of which 200 million U.S. dollars in bills to pay, the rest in cash.
Geely Holding Group completed the acquisition of Volvo Car Corporation and the payment of notes out of 13 million in cash to acquire funding from the Geely Holding Group, Chinese-funded institutions and international capital markets. The final transaction price is based on an agreement for the acquisition of pension obligations and working capital and other factors to adjust the results.
Under the new ownership, the Volvo car will retain its headquarters in Sweden and in Sweden and Belgium, the production base, under the authority of the board of directors, management will have the autonomy to implement the business plan. As part of the deal, Volvo and Ford car parts will continue to maintain close relations between supply and to ensure their needs continue to provide the other components.
Personnel: VW North America Chief Executive Officer Stefan Jacoby will join the Volvo Car Corporation and took over the post of President and Chief Executive Officer (since August 16, 2010 officially became president and CEO of Volvo Cars) . In addition, the Board will also include several new members, including vice chairman, will serve as President of the Hans-Olov Olsson. Previously, Hans-Olov Olsson served as President, President and CEO of Volvo Cars and Ford Motor Company’s chief marketing officer.
Deputy Chief Financial Officer Hans-Oskarsson will replace Stuart Rowley served as acting CFO. Mr. Odell and Mr. Luo Li will go to Ford of Europe office.
In introducing the new management team members, while Geely Holding Group also announced today that the Volvo car company list of all the members of the Board:
◆ Mr. Li – Chairman
◆ Hans-Olov Olsson – Vice Chairman
◆ Shen Hui
◆ Håkan Samuelsson
◆ Dr.Herbert Demel
◆ Lone Fonss Schröder
◆ Winnie Kin Wah Fok
In addition, the Board also appointed three other Volvo representatives of trade unions. The new board will begin to fulfill the occasion of completion of the transaction the board duties.
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