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Geely Holdings Group's bid for Volvo confirmed
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10:04, September 09, 2009

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Zhejiang Geely Holdings Group, Hong Kong-listed Geely Automobile Holdings Limited's parent, may work with investment institutions to buy Volvo, but Geely Automobile Holdings Limited would not take part in the bid, said Geely Automobile Holdings Limited's CEO Gui Shengyue on September 8.

"Geely, as an ambitious carmaker, has to take actions when the pattern of global auto market is changing significantly," Gui said. The company reported sharply higher first-half earnings on that day.

Geely would not cooperate with other carmakers to buy Volvo, he noted.

By People's Daily Online

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