Volvo major shareholder Industrivarden not planning to sell its shares (translated)
02 JAN 2018
Industrivarden, the Swedish investment company, does not plan to sell its shares in the Swedish truck manufacturer Volvo, according to Dagens Industri. This comes after last week's news that Chinese Geely Holding has acquired activist fund Cevian Capital's substantial stake in Volvo, which has lead to speculation whether Geely might also wish to acquire Industrivarden's 22% stake.
The Swedish business daily cited Sveriges Radio to which Industrivarden's Chairman Fredrik Lundberg said that while the company hopes to be able to collaborate well with Geely, the company has a long term interest in Volvo, which it believes should maintain its Swedish base.
The item also noted that several institutional shareholders in Volvo are considering forming a united group to make it clear that their shares are not for sale.