Print section Print Rubric: A Chinese carmaker agrees to buy a Danish bank Print Headline: Freezers to finance Print Fly Title: Chinese acquisitions UK Only Article: standard article Issue: It is not too late to stop the break-up of Spain Fly Title: From freezers to finance A COMPANY that moves up the value chain from refrigerator parts to cars is impressive but not that surprising. A car company that buys an investment bank is audacious. But Zhejiang Geely Holding Group, a conglomerate based in Hangzhou, China, did not become big by paring its ambitions. Having successfully made the fridge-parts-to-cars transition at home, it went global in 2010. It acquired Volvo, a Swedish carmaker, from Ford of America. Now Geely is back in Scandinavia for another acquisition. This time it is buying one of Denmark’s biggest banks. Saxo Bank announced on October 2nd that Geely would acquire 51.5% of its shares. It will spend over $800m on ...
from Banking Services http://www.economist.com/news/finance-and-economics/21730048-despite-curbs-outward-investment-chinese-firms-are-expanding-european?fsrc=rss
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