www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Economy

Geely buys Volvo in biggest overseas foray

By Li Fangfang (China Daily)
Updated: 2010-03-29 06:46
Large Medium Small

BEIJING - Zhejiang Geely Holding Group, China's No 10 automaker, sealed a binding deal on Sunday to buy ailing Swedish luxury car brand Volvo from US giant Ford for $1.8 billion.

Geely buys Volvo in biggest overseas foray
Chairman?of?Zhejiang Geely Holding Group Li Shufu hugs Ford's Chief Financial Officer Lewis Booth after?signing the agreement on Sunday. [Xinhua]?

"Today represents a milestone in the history of Geely," Geely Chairman Li Shufu told a news conference, adding that Volvo will remain a separate company with its own management team based in Sweden.

The agreement was signed between the two automakers in Goteborg, Sweden.

Related readings:
Geely buys Volvo in biggest overseas foray Geely's Li to go global with Volvo deal
Geely buys Volvo in biggest overseas foray Geely tightens grip on London cab maker

The deal is China's biggest overseas auto purchase and represents the most ambitious move by a homegrown auto brand, said analysts.

Ford has been trying to sell Volvo since late 2008 to focus its resources on managing its core Ford, Lincoln and Mercury brands. The sale deal is expected to free up cash for the No 2 US automaker.

Geely, an independent automaker that has struggled to raise its profile in overseas markets, has long coveted a stronger foothold in Europe.

It was chosen by Ford as the preferred bidder for its loss-making Swedish unit in October 2009.

Li is already planning a factory in Beijing which will make 300,000 Volvo cars, or as many as are now made abroad.

According to the agreement, the acquisition will offer Geely, a producer with lower-end image, access to a high-end brand and technology it needs to compete with much bigger rivals in China.

"The acquisition is a milestone in China's automobile industry, especially when Chinese automakers are considering overseas expansion," said Jia Xinguang, an independent auto analyst.

"Li Shufu has a very strategic target that can be boosted by Volvo's green technologies."

Auto analyst Zhong Shi said he believed that "the deal is worth it to get the world's leading technologies for a reasonable price. The takeover may help Geely take a step forward in competing with other homegrown brands."

As the Chinese company has promised to retain Volvo's brand and operations in Sweden after the transaction, including the headquarters, production facility and research center, Zhong said "the takeover will not have any impact on Volvo's future development and high-end brand image."

Although Geely said earlier that it has enough financial resources - from Chinese and overseas investors, and financial institutions - to execute the deal, analysts worry about its ability.

"It will face huge financial pressure to operate Volvo in

the long run," said Zhong.

According to a Bloomberg report last week citing a Volvo board member, Geely still needs $1.4 billion to revive the Volvo brand, a sum that it may find it difficult to raise.

"Integration and future operations are also key to Geely's Volvo deal. And the different culture poses another challenge," said Xu Changming, senior economist at the State Information Center.

He worries that if Geely cannot address issues such as employee welfare, "it may repeat Shanghai Automotive Industry Corp (SAIC)'s failed acquisition of Ssangyong".

In 2004, China's largest automaker paid $500 million for a 49-percent stake in South Korea's Ssangyong Motors. The latter went bankrupt this January, making SAIC's investment a total write-off. Volvo employs nearly 20,000 workers.

China raced past the United States to become the world's top auto market last year, with sales surging 46 percent to a record 13.6 million units. It is keen to move into Western markets but has so far lacked the technology and brand recognition.

The Volvo deal should help the Chinese carmaker get around some of those obstacles more quickly, analysts said.

Reuters and AP contributed to this story

主站蜘蛛池模板: 国产成人亚洲综合 | 久草视频在线免费 | 国产高清a毛片在线看 | 97视频免费在线观看 | 午夜爱爱毛片xxxx视频免费看 | 婷婷色综合久久五月亚洲 | 全部aⅴ极品视觉盛宴精品 全部免费a级毛片 | 国产操操| 日本高清色www | 精品一久久香蕉国产线看观 | 亚洲精品视频在线 | 久久欧美 | 香港三级日本三级人妇三级四 | 亚洲视频在线a视频 | 久久综合久久美利坚合众国 | 精品成人免费一区二区在线播放 | 久久性久久性久久久爽 | 爽爽窝窝午夜精品一区二区 | 成人国产精品一级毛片视频 | 精品欧美一区二区三区精品久久 | 亚洲国产成人最新精品资源 | 国产精品情侣久久婷婷文字 | 国产免费一区二区三区 | 国产高清在线精品 | 91pao强力打造免费高清 | 欧美性色黄大片在线观看 | 欧美精品久久天天躁 | 亚洲一区毛片 | 欧美精品免费看 | 国产美女在线精品亚洲二区 | 国产三级a | 亚洲天堂久久 | 韩国一级免费视频 | 特级淫片欧美高清视频蜜桃 | 女人张开腿给男人捅 | 国产一级毛片卡 | 一级做a爰片久久毛片苍井优 | 久久精品香蕉视频 | 亚洲综合一二三区 | 伊人网在线免费视频 | 新26uuu在线亚洲欧美 |