Brussels (AFP) July 6, 2010
The European Union's competition watchdog cleared on Tuesday the takeover of Sweden's Volvo Cars by Chinese automaker Zhejiang Geely Holding and the regional investment fund Daqing.
The European Commission said the transaction "would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it."
The commission found that the overlap between Geely and Volvo was "very limited" since the Chinese company "has almost no passenger car sales in Europe.
"Furthermore, Volvo's very limited presence in the field of supply of diverse car components would not allow the merged entity to close off other market players," the commission said in a statement.
The European body also noted that the sole business of Daqing, a regional state fund, "is the investment and management of state-owned assets."
Geely sealed a deal worth 1.8 billion dollars in March to buy loss-making Volvo from Ford Motor Co. of the United States.
Geely has said it had plans to expand Volvo's presence in China, now the world's largest car market.
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GM auto sales in China slow in June
Shanghai (AFP) July 2, 2010
General Motors said Friday its vehicle sales in China had slowed in June from the previous month, reflecting a nationwide trend of softer demand in the world's biggest market. The US auto giant said it sold 176,486 vehicles in June, up 23.2 percent from a year earlier but down nearly 10 percent from May. After overtaking the United States for the first time last year to become the world' ... read more
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