Geely assessing buying control of Manganese Bronze

Geely Automobile said it was assessing buying control in Manganese Bronze Holdings Plc, and if the deal succeeds, will lead to an obligation on its part to make a general offer for the London-listed firm.

In a filing to the Hong Kong Stock Exchange, Geely said it had received an invitation and was in the process of assessing a potential subscription of 20 million new shares in Manganese Bronze, which will increase its stake in the firm to 51.68 percent from 19.97 percent.

Geely said that "subject to the result of such assessment, the company may or may not proceed with the negotiation of the potential subscription".

Manganese Bronze had said in April that it was hopeful of selling control of the company to Geely, which now owns roughly one-fifth of the maker of London's black cabs. (US$1=HK$7.76)