Volvo Cars shares plunge to record lows as Geely cuts stake
ETMarkets.com
Synopsis
Geely on Thursday launched a placing of some 100 million Volvo Cars shares, which the deal's bookrunner later said was sold at a price of around 37 Swedish crowns each, or around $350 million in total.
By Reuters
Last Updated:
Shares of Swedish auto maker Volvo Cars fell 14% on Friday as its top owner, China's Geely, sold parts of its holdings at a deep discount to the previous day's closing price.
The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of about 78.6%, according to a Reuters calculation.
Volvo Cars' share price fell to a low of 35.25 Swedish crowns, an all-time low, before recovering slightly. The share is down 25% year-to-date. (Reporting by Terje Solsvik, editing by Louise Rasmussen)
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Geely on Thursday launched a placing of some 100 million Volvo Cars shares, which the deal's bookrunner later said was sold at a price of around 37 Swedish crowns each, or around $350 million in total.The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of about 78.6%, according to a Reuters calculation.
Volvo Cars' share price fell to a low of 35.25 Swedish crowns, an all-time low, before recovering slightly. The share is down 25% year-to-date. (Reporting by Terje Solsvik, editing by Louise Rasmussen)
