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  • Stock Purchase Agreement Regarding Volvo Cars Signed Today

    2010-03-28
    Press Conference After Signing Stock Purchase Agreement, March 28 2010
    Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd and Lewis Booth, CFO Ford Motor Company, shaking hands. Ford Motor Company Zhejiang Geely Holding Group Company Ltd signed on March 28 2010 a stock purchase agreement that Zhejiang Geely will purchase Volvo Cars from Ford Motor Co..

    Stock Purchase Agreement Regarding Volvo Cars Signed Today

     

    Today, 28 March, Zhejiang Geely Holding Group Co. Ltd and Ford Motor Company have signed a stock purchase agreement regarding the ownership of Volvo Car Corporation.
    The deal is anticipated to be completed in the third quarter of 2010.

     

    Both Ford and Zhejiang Geely have issued press releases regarding the agreement. Please go to "Additonal information" to read them or go to http://www.media.ford.com/

     or http://www.geely.com/global/media_centre/press_releases.html

     

    Stated in Zhejiang Geely Holding Group's press release:
    Mr. Li Shufu, Chairman Zhejiang Geely Holding Group Co. Ltd, says:
    "We are pleased to have reached this agreement with Ford, enabling us to safeguard and strengthen Volvo's renowned brand heritage. This transaction will ensure Volvo's continued leadership in the premium segment, where it enjoys a global reputation for safety and environmental-friendly technologies. This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design."

    "As part of the proposed transaction, Zhejiang Geely Holdings will maintain the strong collaborative relationships that Volvo has built with employees, unions, suppliers, dealers and above all, customers. On completion, Volvo Cars will be a separate company with its own management team based in Gothenburg, Sweden, and a new board of directors.
    The board and the management will have a mandate to develop Volvo Cars' leadership in safety and clean environmental technologies, expanding the company as a world-leading premium brand with a presence in more than 100 markets and ambitious plans in the fast-growing Chinese market."

     

    Images from the signing will be related to this press release later during the evening.

     

    Facts about Zhejiang Geely Holding Group Co., Ltd.
    Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in Hangzhou, China. Zhejiang Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing. They are a fully-integrated independent auto manufacturer producing cars, engines and transmissions. Today, they are one of China's fastest growing automotive manufacturers, as well as the industry's leading privately held group.

     

    Click here to watch the press conference:

    https://www.media.volvocars.com/global/enhanced/en-gb/Media/Preview.aspx?mediaid=32185

     


    For further information please go to:

    Ford Motor Company's media centre:
    http://www.media.ford.com/


    and to
     
    Zhejiang Geely Holding Group Co.'s media centre: http://www.geely.com/global/media_centre/press_releases.html


     

    Contact information Ford:

    Media:

    John Gardiner

    +44.7710.974.247

    jgardin2@ford.com

    Media:

    Mark Truby

    +1.313.323.0539

    mtruby@ford.com

    Equity Investment Community:

    Larry Heck

    +1.313.594.0613

    fordir@ford.com

    Fixed Income Investment Community:

    Dave Dickenson

    +1.313.621.0881

    fixedinc@ford.com

    Shareholder Inquiries:

    +1.800.555.5259 or

    +1.313.845.8540

    stockinf@ford.com

     

     

    Contact information Geely:

    Mr. Yuan Xiaolin

    Zhejiang Geely Holding Group

    Tel:      +86 (571) 2813-6666

    Mobile: +86 1371-806-4551

    Email:  ma@geely.com

    Mr Meyrick Cox

    N.M. Rothschild & Sons Limited

    Sole financial Advisers to Zhejiang Geely Holding Group

    Tel: +44 7768 392962

    Email:  Meyrick.cox@rothschild.com

     

     

     

    Mr. Tim Burt

    Brunswick Group LLP

    Tel:      +44 (20) 7396-7497

    Mobile: +44 (7834) 502-497

    Email:   geely@brunswickgroup.com

    Mr. Anders Fogel

    Brunswick Group LLP

    Tel:      +46 (8) 4103-2181

    Mobile: +46 (709) 627-842

    Email:   geely@brunswickgroup.com

     

    Zhejiang Geely Holding Group Co. Ltd.

    No. 1760 Jiangling Road,

    BinjiangDistrict, Hangzhou,

    Zhejiang Province,

    People's Republic of China

    Tel:+86 (571) 2800-1111

    Fax:+86 (571) 8776-6217

     

    Media Enquiries

    Tel: +86 (571) 8776-6209

    Email: pr@geely.com

     

     

     

    Contact information Volvo Car Corporation:

    SVP Olle Axelson, Public Affairs

    Tel: +46-31-592600

     

    or

     

    Press Spokesman Per-Åke Fröberg

    Tel: +46 31 59 65 25

    Today, 28 March, Zhejiang Geely Holding Group Co. Ltd and Ford Motor Company have signed a stock purchase agreement regarding the ownership of Volvo Car Corporation. The deal is anticipated to be completed in the third quarter of 2010.
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