April 27, 2018 / 5:51 AM / a year ago

Geely CFO says China approves purchase of AB Volvo stake: Swedish radio

STOCKHOLM (Reuters) - Chinese authorities have given the green light for Zhejiang Geely Holding’s purchase of an 8.2 percent stake in Swedish truckmaker AB Volvo (VOLVb.ST), Swedish public service radio cited a Geely senior executive as saying.

China’s Geely Holding, which also owns the Volvo car brand as well as a stake in Germany’s Daimler DIAGn.DE, struck a deal late last year to buy activist investor Cevian’s stake in the truckmaker.

However, the purchase was made by Nomura International Plc and Barclays Capital Securities Limited with an agreement to sell the shares on to Geely Holding once necessary regulatory approvals had been obtained.

“We have received the approval from Chinese authorities for this share purchase,” Sveriges Radio quoted Geely Chief Financial Officer Daniel Li as saying.

“We expect to finalize the deal some time before June,” he said, adding that it was not necessary for Geely to have a seat on the AB Volvo board.

Reporting by Niklas Pollard, editing by Johannes Hellstrom

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