Geely to Sell $1.32 Billion of Volvo Truck Shares
- Chinese company has divested all of its Class B stock
- Geely says it will remain truckmaker’s second-biggest investor
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Shares of truckmaker Volvo AB dropped as much as 5.9% in Stockholm on Friday on news that China’s Zhejiang Geely Holding Group had sold the entirety of its Class B shares, worth about 14.1 billion Swedish kronor ($1.3 billion).
In a statement Thursday, Geely said the divestment is “in accordance with its long-term strategy” and that it will remain Volvo’s second-largest investor with 88.5 million A shares.