Exclusive-China's Zeekr to take control of sister brand Lynk, sources say

HONG KONG/SHANGHAI (Reuters) - Chinese premium electric vehicle maker Zeekr plans to take control of Lynk & Co, a sister brand owned by Geely and Volvo (OTC:VLVLY ) Cars, two sources with direct knowledge of the matter said.

The move is part of efforts by Geely Holding, which is the parent company of all three automakers, to streamline its operations and reduce costs.

Zeekr will purchase Volvo Cars' 30% stake in Lynk and a 20% stake from Geely Holding, said the sources who declined to be identified as the discussions were private.

The deal would see both Volvo and Geely Holding fully exit from Lynk & Co and values the Chinese-Swedish brand at around 18 billion yuan ($2.5 billion), said one of the sources.

Zeekr plans to nudge its stake up to 51% with a capital injection while Geely Automobile Holdings (OTC:GELYF ), Geely Holding's main listed arm, will continue to hold the rest, the person said, adding that the deal is expected to be completed by June next year.

Geely Holding declined to comment.



Details of the deal have not previously been reported.

($1 = 7.2425 Chinese yuan )

Source: Investing.com

Последние публикации
Analysis-Lilium's fall throws spotlight on air-taxi cash crunch
25.11.2024 - 14:00
Quantum computing stocks surge on new AWS plans
25.11.2024 - 14:00
Exclusive: Graphjet Technology secures ISO manufacturing certification
25.11.2024 - 14:00
Bath & Body Works beats Q3 estimates, shares surge
25.11.2024 - 14:00
Old National Bancorp strikes $1.4 billion deal for Bremer Financial
25.11.2024 - 14:00
Quikrete to buy Summit Materials in deal valued at $11.5 billion
25.11.2024 - 14:00
China welcomes Nvidia's continued presence, pledges better environment for foreign firms
25.11.2024 - 14:00
Mubadala to take Canada's CI Financial private
25.11.2024 - 14:00
Inflation pressures UK household spending ahead of Christmas, Asda says
25.11.2024 - 14:00
Volkswagen has taken major writedown on Northvolt stake, sources say
25.11.2024 - 14:00
Dow Jones, Nasdaq, S&P 500 weekly preview: Jam packed weak ahead of Thanksgiving
25.11.2024 - 14:00
Vertical Aerospace secures $50 million funding boost
25.11.2024 - 14:00
World stocks, bonds bounce on Bessent pick as US Treasury Secretary
25.11.2024 - 14:00
Macy's delays Q3 report on accounting issue, expects weaker sales
25.11.2024 - 14:00
Macy’s delays Q3 earnings release, says employee hid millions in delivery expenses
25.11.2024 - 14:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?