Posts Tagged ‘take over’
Published on April 30, 2011 by Tycho de Feyter
Beijing Hainachuan Automotive Parts Co Ltd (Hainachuan) will acquire 100 percent of the stock of the Netherlands’ Inalfa Roof Systems Group (IRS), China Business News reported Friday, citing an internal announcement from the Netherlands company’s China office.
Beijing Automotive Industry Holding Co Ltd (owner of Beijing Automotive Industry Corporation (BAIC) which is the owner of Beijing Auto), which holds a 60 percent share in Hainachuan, will keep IRS’s management team and its headquarters in the Netherlands, the newspaper reported.
Published on February 25, 2011 by Tycho de Feyter
China’s Beijing Automotive Industry Holding Co (BAIC) announced Wednesday that it had purchased all equipment and technologies from a Swedish transmission plant for 31 million euros ($42.5 million).
Ma Tongli, deputy general manager of BAIC, said the purchases from WEIGL Transmission Plant AB (WTP) were well worth the cost, as the equipment and technologies allowed it to build a production line which would normally cost 680 million yuan ($103 million).
Published on August 2, 2010 by Tycho de Feyter
“Former glory”? Good, get us a 480ES with real horsepower. The robots and tooling for the factory are surely still somewhere in the Netherlands, the Dutch never throw anything away. Over to the rest of the story:
From Xinhua, 020810. Chinese car maker Geely Holdings Group Co. Ltd. said Monday it has completed its 1.8 billion U.S. dollar-buyout of Ford Motor Co.’s Volvo unit, in a landmark foreign acquisition by a Chinese company.
At a handover ceremony held in London, Ford delivered all of its Volvo assets to Geely Holdings Group, after the deal won approval from regulators in China, the United States and the European Union.
In a telephone interview with Xinhua, Li Shufu, Chairman of Geely Group and Volvo Car Corporation, said he hopes to restore Volvo to a leading position in the global luxury auto market.
“After the takeover, Geely remains Geely and Volvo is still Volvo. The relationship between the two companies is brotherhood and not a parent-and-child relationship,” Li told Xinhua. Read more »
Published on July 30, 2010 by Tycho de Feyter
From: ChinaDaily, 300710. BEIJING – Zhejiang Geely Holding Group Co is expected to complete it takeover of Swedish luxury car brand Volvo from US automaker Ford Motor Co on Monday after getting government approval for the deal.
Ministry of Commerce officials told China Daily on Thursday that the government cleared the Volvo deal on Monday 26, after the National Development and Reform Commission cleared the proposal last week.
Geely has also got the necessary anti-trust approvals from the European Union and the US government for the deal. “With this the decks are now clear for Geely to complete its acquisition of Volvo and start manufacturing the brand in China,” said Wang Zhile, director of the research center on transnational corporations under the Ministry of Commerce.
Yuan Xiaolin, Geely’s spokesman for the Volvo deal was unavailable on Thursday for comment. However, unnamed sources from Geely told China Daily that the Zhejiang-based automaker will hold a formal function on Monday to complete the deal.
Published on April 1, 2010 by Tycho de Feyter
“Maybach is an important part of Daimler’s product portfolio. There is no other decision”, so a Benz spokesman said to Reuters.
“It’s not true, it’s market speculation. We got calls from the media and we have checked with Chairman Wang”, so a BYD spokesman said to Reuters. Chairman Wang is Wang Chuanfu, BYD’s boss.
Rumors on a possible buy by BYD of Benzes Maybach brand surfaced earlier this week in the Chinese media and were taken to the outside world by websites as this one.
Can’t say we’re surprised, but an electric MayBYDbach would have been… well… yep!
Published on March 29, 2010 by Tycho de Feyter
According to a report on one of China’s largest automotive websites, auto.sina.com, BYD has expressed interest to acquire the Maybach-brand from Mercedes Benz as the Germans will pull the plug in one or two years.
An unmaned BYD official told Sina.com that BYD was very interested in Maybach and would “launch the acquisition” as soon as Benz makes the final decision to quit.
Earlier this month MB and BYD announced a partnership to produce electric vehicles for the Chinese market, so the two are friends already. Still I don’t think Benz will ever consider to sell the Maybach-brand to anyone, let alone to a batterymaker turned carmaker from China.
Hard to say how serious BYD really is, but it is good to see the brand keeps dreaming…
Published on March 29, 2010 by Tycho de Feyter
“I see Volvo as a tiger: it belongs to the forest and shouldn’t be contained in the zoo. The heart of the tiger is in Sweden and Belgium,” he said, referring to the two countries where Volvo has its main plants. “Its paws should extend all across the world.”
Said Geely Chairman Mr. Li Shufu, a new Chinese hero who finally got his Volvo. For only 1.8 billion dollars Geely buys one of the most famous automotive brands in the world. Ford on the other hand sold it’s last possibility to compete with Benz and BMW, it won’t work with Lincoln, never.
Some of the latest news on the deal from China Daily: Geely is planning a new Volvo factory in Beijing with an annual capacity of 300.000 cars. Volvo made 330.000 cars in 2009. Chinese ‘experts’ have high hopes on Volvo’s technologies: “Li Shufu has a very strategic target that can be boosted by Volvo’s green technologies.” Volvo is not considered very green in the west but compared with many a Chinese car it is as green as grass.
More importantly, Geely gets all Volvo’s safety knowledge in house which it will use to improve the much critisized safetly of it’s own cars. It is so far unclear what will happen to the Volvo factory in Chongqing, a joint venture with Chang’an Auto that makes the S40 and S80. Earlier rumors said the factory would continue but that is likely only until Geely starts up the new one in Beijing.
Chairman of Zhejiang Geely Holding Group Li Shufu and Ford’s Chief Financial Officer Lewis Booth after signing the agreement on Sunday.