December 2, 2013 / 10:30 AM / 4 years ago

Cevian raises stake in Volvo to 10.5 percent of votes

Volvo Chief Executive Olof Persson gestures during a news conference in Stockholm October 25, 2013. REUTERS/Jonas Ekstromer/TT News Agency

STOCKHOLM (Reuters) - Activist fund Cevian Capital said on Monday it had bought 25 million A-shares in AB Volvo (VOLVb.ST), the world’s second biggest truck maker, to put its stake at 10.5 percent of votes.

Cevian’s investment vehicle in Volvo, Violet Partners, held 6.7 percent of votes in the truck maker as of the end of September, according to Volvo’s website, making them the second biggest owner after Industrivarden (INDUa.ST) which holds 20 percent.

The acquisition had raised Cevian’s ownership to 68.7 million A-shares and 29.8 million B-shares, corresponding to 4.6 percent of the share capital in Volvo.

Reporting by Niklas Pollard

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