Volvo cuts its IPO by a fifth

Volvo Cars slashed its initial public offering by a fifth, making it the latest in a string of European companies to pull back from equity markets roiled by soaring energy costs and persistent supply chain delays.

A glut of similar IPOs and the hard-to-value stake Volvo Cars owns in electric sports carmaker Polestar has curbed investor appetite under the originally planned terms, according to people familiar with proceedings said. The Swedish manufacturer initially projected a valuation of between $19bn and $23bn.

“The proceeds raised from the IPO together with our strong balance sheet will secure the funding of our fastest transformer strategy and the delivery of our mid-decade ambitions,” CEO Hakan Samuelsson said in the statement.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Eskom | Stage 2 black outs from 9pm until 5am MondayEskom has announced that it will implement power cuts from 9 pm on Sunday until Monday morning. barrybateman WTAF🤯 Eskom will be forced by court order to pay penalties to various civilian firms, small businesses etc, for products not manufactured and delivered as agreed to in contracts!! PERIOD!! 😠 Voter's you know what to do when voting, that's it right there
Source: eNCA - 🏆 49. / 51 Read more »

Broken promises? Angry Joburg residents demand answers after load-shedding blackoutsFuming residents complain on Twitter after experiencing power cuts in line with the load-shedding schedule. All political parties must rally around fighting electricity blackouts and job creation and stop telling us little storikies
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Eskom teams up with coal suppliers to cut emissionsExxaro and Seriti Resources sign an agreement with utility aimed at the use of renewable energy That makes no sense at all. How can coal suppliers make any meaningful impact on Eskom’s emissions?
Source: BDliveSA - 🏆 12. / 63 Read more »

Stage 2 power cuts to hit SA from 9pm on Saturday to 5am on MondayThe power utility said this was due to a shortage of generation capacity caused by breakdowns, numerous trips at various power stations, as well as delays in returning units to service.
Source: ewnupdates - 🏆 30. / 53 Read more »

Eskom teams up with coal suppliers to cut emissionsExxaro and Seriti Resources sign an agreement with utility aimed at the use of renewable energy
Source: BDliveSA - 🏆 12. / 63 Read more »

After African mediation, Eswatini king calls for calmPolice said 37 people have died since the violent anti-monarchy protests first flared, fuelled by discontent over living conditions and lack of political freedom in the tiny southern African kingdom of Eswatini
Source: TheCitizen_News - 🏆 6. / 75 Read more »