China Geely Announced the Completion of the Acquisition for Volvo Car

http://www.gochinaauto.com/modules/news/article.php?storyid=4592

GoChinaAuto.com-On August 2nd, 2010 in Hangzhou City, China and Gothenburg City, Sweden, Zhejiang Geely Holding Group Co., Ltd. (Geely Auto) announced that it has completed the acquisition for all shares of Volvo Car under Ford Motor.

Geely Auto also announced Volkswagen North America CEO, Stefan Jacoby will join Volvo Car Company to take over the president and CEO, and also enter the Board of Volvo Car Company.

Geely Auto’s Chairman, Mr. Li Shufu will be the chairman of the Board of Volvo Car Company. In addition, the Board will also accept other several new members, including Hans-Olov Olsson who will serve as vice chairman. Previously, Hans-Olov Olsson served as president and CEO of Volvo Car Company and Ford Motor's chief marketing officer.

Geely Auto on March 28, 2010 signed the stock purchase agreement for Volvo Car Company, and agreed to buy Volvo Car Company by 1.8 billion USD, of which 200 million USD will be paid in bills and the rest will be paid in cash.

Actually, Geely Auto completed the acquisition for Volvo Car Company with some bills and 1.3 billion USD in cash which came from Zhejiang Geely Holding Group Co., Ltd., Chinese-funded institutions and international capital markets.