Swedish Insurer Buys Further Stake in Geely's Volvo Cars
December 21 2018 - 4:54AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish savings and insurance provider Folksam has
bought further preference shares in Geely-owned Volvo Car Corp.
from a Swedish state pension fund for 750 million Swedish kronor
($83.2 million), it said Friday.
The acquisition brings Folksam's total investment in Volvo Cars
to SEK1.75 billion.
"This investment gives our savings a good risk-adjusted return,
while giving them the opportunity to increase their ownership in a
company with strong ties with Swedish industry," says Michael
Kjeller, head of asset management and sustainability at
Folksam.
"Volvo Cars is today profitable, has a clear growth plan and
high ambitions when it comes to issues like electrification
strategies and self-propelled cars," he said.
The preference shares will be converted into common stock should
the company list.
Write to Dominic Chopping at dominic.chopping@wsj.com;
@domchopping @WSJNordics
(END) Dow Jones Newswires
December 21, 2018 04:39 ET (09:39 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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