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December 8, 2009

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Geely still keen on acquisitions

CHINA'S Geely Automobile Holdings Ltd, whose parent is bidding for Ford Motor's Volvo Car, said yesterday that it will continue to seek acquisition opportunities and is interested in projects including parts and engines.

"The battered US and European auto markets continue to provide us with buying opportunities," Lawrence Ang, an executive director of Geely Auto, said after the company's shareholder meeting.

Geely had been in talks on General Motors' Saab unit, which GM has put up for sale, but the talks ended without result some time ago.

Asked whether the talks would be revived, Ang replied "Who knows?"

Zhejiang Geely Holdings, which had been named by Ford as the preferred bidder for its money-losing Swedish unit Volvo, was seeking at least US$1 billion in loans from Chinese banks to finance its US$1.8 billion bid, sources told Reuters in December.

Geely Auto raised US$334 million earlier this year by issuing convertible bonds and warrants to an affiliate of Goldman Sachs. Part of the proceeds would fund acquisition plans, Ang said.


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