Volvo Cars announces IPO to raise nearly US$2.9 billion
STOCKHOLM: Swedish car brand Volvo announced plans Monday to go public and raise nearly US$2.9 billion as it shifts to making electric vehicles, with Chinese owner Geely remaining its biggest shareholder. The announcement marks another milestone for the automaker which had been struggling until Geely
STOCKHOLM: Swedish car brand Volvo announced plans Monday to go public and raise nearly US$2.9 billion as it shifts to making electric vehicles, with Chinese owner Geely remaining its biggest shareholder.The announcement marks another milestone for the automaker which had been struggling until Geely acquired it from US giant Ford for US$1.8 billion in 2010.
Volvo's image and sales have dramatically improved since then, riding the wave of popularity of SUVs. The company plans to go all-electric by 2030.The automaker said it intends to make an initial public offering of shares on the Stockholm Nasdaq exchange"to raise gross proceeds of approximately SEK 25 billion (2.5 billion euros) and a potential partial sale of shares by Volvo Cars' main shareholder."
The first day of trading is expected to take place this year.The IPO was"expected to consist of the issuance of new shares by Volvo Cars" and"a potential partial sale of shares by Volvo Cars' main shareholder," the group said in a statement. headtopics.com
The company said further announcements regarding the IPO would be made"in due course".Volvo Cars said its current Swedish institutional shareholders AMF and Folksam would remain as shareholders.Geely Sweden -- a wholly-owned subsidiary of Zhejiang Geely Holding Co Ltd. -? intends to remain the company's largest shareholder.
"Volvo Cars will thereby continue to benefit from cooperation within the Geely ecosystem, providing valuable scale and market synergies," the statement said.Volvo Cars describes itself as one of the world's fastest growing premium automotive companies in terms of both units sales and revenue.
TESLA COMPETITOR'S US$20 BILLION IPOVolvo survived the COVID-19 crisis relatively unscathed with sales having already returned to pre-pandemic levels, although it has acknowledged the supply crunch in computer chips affecting all automakers will crimp its growth as well.
Earlier this year it set a target of doubling annual sales to 1.2 million vehicles by 2025 thanks in part to a shift in online sales and more leasing offers, with half of those cars to be electric.By 2030 it aims to be fully electric and for sales to be completely online. headtopics.com
Most major automakers have unveiled plans for a shift to electric vehicles as pollution regulations in many nations are set to tighten in coming years in an effort to meet commitments to limit the growth in global temperatures.Monday's announcement came after electric carmaker Polestar, which is controlled by both by Volvo and Geely, said last week it would go public in a stock market debut that could value it at around US$20 billion.
A European competitor to Tesla, Polestar's IPO would serve to fund investments needed to expand its current line-up of two cars.Read more: CNA »
Greenridge Crescent boys’ deaths: 48-year-old father taken back to scene where bodies were found
SINGAPORE — Police officers on Thursday (Jan 27) took Xavier Yap Jung Houn to the scene where the bodies of his two sons were found. The 11-year-old brothers were found dead near a playground in Upper Bukit Timah last Friday. Read more >>
Tesla's Musk over halfway through his pledge with nearly US$11 billion stake saleTesla Inc Chief Executive Elon Musk has sold nearly US$11 billion worth of shares since the world's richest person polled Twitter users about offloading 10per cent of his stake in the electric-car maker.He has sold a combined 10.1 million shares, which is over half of the stake that he had pledged to sell
Shares in drugmaker Sobi tumble as Advent, Aurora withdraw US$8 billion bidSTOCKHOLM :Shares in Swedish Orphan Biovitrum (Sobi) plunged 23per cent on Friday after U.S. private equity firm Advent International and Singapore's sovereign wealth fund said they were withdrawing their bid for the drugmaker. The Swedish company in September agreed to an US$8 billion takeover by Advent and Something new. Top investors interest can jack up company shares prices. When company don't comply to set conditions, company directors can topedoe the deal after making the buck. A money pattern.
Southeast Asia's Grab takes a ride to US$40 billion SPAC listingSINGAPORE : Southeast Asian ride-hailing and food delivery platform Grab Holdings lists https://www.reuters.com/markets/us/singapore-ride-hailing-firm-grabs-nasdaq-debut-set-tone-regional-listings-2021-12-01 on Nasdaq via the world's largest special purpose acquisition company (SPAC) deal worth US$40 billion.
Musk exercises more options, sells Tesla shares worth US$1.01 billion:Tesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth US$1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday. In early November, the world's richest person tweeted that h Good timing - but also used to exercise 2.1M options
Didi Global's short-lived journey as a US-listed companyHONG KONG : Didi Global said on Friday it will delist from the New York stock exchange and pursue a listing in Hong Kong, the latest development after it ran afoul of Chinese regulators by pushing ahead with its US$4.4 billion U.S. IPO in July. Didi's decision to delist in the U.S. comes as a deepening re