Geely plans to buy Cevian’s 88.5 million Class A Volvo shares and 78.8 million Class B shares, the two companies said on Wednesday. Li’s Zhejiang Geely Holding Group Co. said on Wednesday it plans to buy a stake in Volvo AB from activist investor Cevian Capital AB, making it the truckmaker’s largest shareholder. In addition to its namesake heavy-vehicle brand, Volvo AB’s marques include Mack, Renault Trucks and UD. Volvo’s Class B shares fell 2.9% to 155.40 kronor in Stockholm on Wednesday. Geely plans to buy Cevian’s 88.5 million Class A Volvo shares and 78.8 million Class B shares, the two companies said on Wednesday.

Source: Mint December 28, 2017 19:18 UTC