AB Volvo approves joint venture between Volvo Group and Dongfeng Motor Group

Wednesday, 22 Jan 2014 07:35am EST 

AB Volvo:Says it has signed an agreement with the Chinese vehicle manufacturer Dongfeng Motor Group company Ltd (DFG) to acquire 45pct of a new subsidiary of DFG, Dongfeng Commercial Vehicles (DFCV), which will include the major part of DFG`s medium- and heavy-duty commercial vehicles business.Says through the approval by NDRC an important step has been taken towards completion of the transaction.Says completion is subject to certain conditions including the approvals of other Chinese authorities, which have not yet been obtained.Says completion of the transaction is currently expected to take place mid 2014. 

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