Black taxi-maker offers 20 million shares to Geely

11:05, May 24, 2010      

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Manganese Bronze, maker of the famous London black taxi, made an announcement over the weekend that it will cede control of the company by offering to sell 20 million shares to Chinese carmaker Zhejiang Geely Holding Group, but this has yet to be confirmed.

Hong Shaolun, executive director of the board of Geely, said the invitation from Manganese Bronze has no clarified price or due date. Geely will discuss the price with Manganese Bronze, if necessary, after a preliminary decision has been made.

If the deal goes through, Geely will hold over 26 million shares, representing 51.7 percent of Manganese Bronze.

In March 2010, Manganese Bronze announced its plan to sell shares to Geely at 70 cents per share, giving Geely a 51 percent stake in the U.K. company. Geely does not deny the possibility of increasing its shares after the successful acquisition of Volvo.

In 2006, Geely bought 5.7 million shares at 2.5 pounds per share, which amounted to a 23.2 percent stake in Manganese Bronze. It became 20 percent of the gross after the U.K. company completed refinancing.

By People's Daily Online


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