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China's Zhejiang Geely on December 27 agreed to buy activist investor Cevian Capital's 8.2 percent stake in truckmaker AB Volvo.
The transaction would make Geely the biggest single shareholder in Volvo and the second-biggest holder of voting rights.
The move represents another step by Geely - China's most-acquisitive auto maker - to become a global player.
While making a statement on the decision Geely Chairman Li Shufu said that by the virtue of its experience with Volvo Car Group, the company now totally understands and identifies itself with Scandinavian history, culture.
Although Volvo and AB Volvo are not the same company, Geely also bought Volvo from Ford back in 2010. The deal is valued at about €3.25 billion ($3.9 billion), people familiar with the matter said separately, verifying a figure reported earlier by Swedish newspaper Dagens Nyheter.
The truck brand owns 45% of Dongfeng Commercial Vehicles, one of China's largest truck manufacturers, as well as a significant construction equipment business. He further stated that Geely would be supportive of Volvo's management and board as it implements its strategy.
Volvo's B shares traded 0.8 percent higher for the day at 0935 GMT, while Industrivarden's shares were flat.
However, Volvo shares have gained nearly 50 percent this year as it and rivals in the truck industry such as Germany's Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE) hit a sweet spot thanks to robust demand in major markets. It is believed Geely paid about £2.5bn for the stake.
Nomura International Plc and Barclays Capital Securities Limited have agreed to acquire Cevian Capital's shares, and will sell them to Zhejiang Geely Holding Group when the necessary regulatory approvals have been obtained, the companies said.
This June, Geely bought a 49.9% stake in Malaysia's Proton Holdings, as well as a 51% stake in British automaker Lotus.
Geely also launched a new brand, Lynk & Co, last year.
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