Goldman Fund investing $250 mln in Geely Auto
Goldman Sachs Capital Partners will purchase a minority stake in Chinese carmaker Geely Automobile Holdings Ltd. for about $250 million, the Wall Street Journal reported, citing an unidentified person familiar with the plan.
The Goldman Sachs Group Inc. fund's acquisition of Geely convertible bonds and warrants will be announced Sept. 21, the newspaper reported, citing an executive at the Chinese company. It didn't specify the size of the stake.
Edward Naylor, a spokesman for Goldman Sachs in Hong Kong, declined to comment on the report.
The investment will make capital available to aid Geely's parent company to bid for Ford Motor Co.'s Volvo Car Corp. unit, the Journal said.
Geely halted its shares on Sept. 16 pending a statement about plans to issue convertible bonds and warrants.
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