Geely is to delay its initial public offering of Volvo Cars because of concerns over the Swedish company’s valuation in light of the global trade war.
The Chinese owner had planned to list part of the carmaker before the end of the year. But although Geely believed it had the backing secured for a flotation valuing Volvo at $30bn, it was worried that investors — many of which were due to be Swedish pension funds — would see the stock slip after the float.
“It’s important to know that we have headroom, so we can look the investors in the eye a year after the IPO,” Volvo Cars chief executive Hakan Samuelsson told the Financial Times.
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