Goldman Fund Plans Investment in Geely
Updated from Saturday, Sept. 19
SHANGHAI (
) -- A
Goldman Sachs
(GS) - Get Report
investment arm is in discussions with
Geely Automobile
, China's biggest privately-owned car maker, to buy about $250 million of the company's convertible bonds and warrants, a report says.
The deal is basically complete, but some technical details of the investment still have to be worked out, a source told
Reuters
.
The news was first reported by the
Wall Street Journal
on Saturday. Geely is expected to make an announcement Monday, according to the
Journal
.
Geely Automotive is the Hong Kong-listed arm of Chinese automaker Geely Holding, which is eyeing
Ford's
(F) - Get Report
Swedish car brand
Volvo
. Geely plans to use the Goldman investment to boost its production capacity, which could free up capital for its parent to bid for Volvo,
Reuters
and the
Journal
report.
-- Reported by Joseph Woelfel in New York
.
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