Volvo Car Shares Plunge As Geely Cuts Stake

Shares of Swedish auto maker Volvo Cars fell 14 percent 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.

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 percent stake leaves Geely with a holding in Volvo Cars of about 78.6 percent, 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 percent year-to-date.


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