Volvo’s owner Geely will only proceed with an initial public offering if it achieves a valuation of more than $30bn for the Swedish carmaker, according to two people familiar with the details.
The Chinese group, which also controls Lotus and black taxi maker LEVC, told banks applying to be lead underwriter on an offering that it wants to achieve a $30bn-$40bn valuation for the company.
The owner will not sell if the value falls below $30bn, the banks were told, in spite of the figure being considered extremely lofty by industry standards and high compared with many of Volvo’s larger competitors.
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