• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Exclusive-China’s Zeekr to take control of sister brand Lynk, sources say

by November 14, 2024
written by November 14, 2024

HONG KONG/SHANGHAI (Reuters) – Chinese premium electric vehicle maker Zeekr plans to take control of Lynk & Co, a sister brand owned by Geely and Volvo (OTC:VLVLY) Cars, two sources with direct knowledge of the matter said.

The move is part of efforts by Geely Holding, which is the parent company of all three automakers, to streamline its operations and reduce costs.

Zeekr will purchase Volvo Cars’ 30% stake in Lynk and a 20% stake from Geely Holding, said the sources who declined to be identified as the discussions were private.

The deal would see both Volvo and Geely Holding fully exit from Lynk & Co and values the Chinese-Swedish brand at around 18 billion yuan ($2.5 billion), said one of the sources.

Zeekr plans to nudge its stake up to 51% with a capital injection while Geely Automobile Holdings (OTC:GELYF), Geely Holding’s main listed arm, will continue to hold the rest, the person said, adding that the deal is expected to be completed by June next year.

Geely Holding declined to comment.

Details of the deal have not previously been reported.

($1 = 7.2425 Chinese yuan)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Australia regulator to ramp up focus on protecting consumer savings
next post
Kia sees near-term market challenges but sticks to 1.6 million annual EV sales target by 2030

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Kraken Rolls Out Commission-Free Stock Trading
    • India’s inflation rate dips, paving way for potential interest rate cuts

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy