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While Tengzhong is still waiting for government approval for its Hummer purchase, Geely can’t complain about a lack of official prop up for its planned purchase of Volvo from Ford. Geely said today to Reuters that they have strong support from the Chinese government, financial and otherwise.
“Without government support, the Volvo deal could not be done,” Gui Shengyue, chief executive of Geely Auto said at a media briefing in Hong Kong on New Year’s Eve.
Reuters reported on December 1 that Geely was seeking at least $1 billion in loans to finance its $1.8 billion bid for Volvo. Three major Chinese banks including one policy lender have agreed to underwrite the deal.
2 Comments on “Chinese Government Lends Strong Support (And Money) To Volvo Deal...”
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Speaking of government support, GMAC gets some more:
http://www.freep.com/article/20091231/BUSINESS01/912310389/1322/U.S.-to-pump-3.8-billion-more-into-GMAC
97escort:
Unfair comparison. The Chinese are buying an established car brand that can be very profitable with direct access to Chinese labor and the Chinese new car market.
The US government is buying failed mortgages and failed car loans. Not the homes/cars, just the loans.
Oh did I mention that the US government is spending way more for their purchase? We are sooo screwed…..