Geely set to raise its stake in Manganese Bronze to 51%

Shanghai, August 2 (Gasgoo.com) Zhejiang Geely Holding Group, who is set to raise its stake in London's black-cab maker, Manganese Bronze, to 51% in August this year, has been constantly accelerating its overseas expansion as China's biggest independent carmaker, media reported Monday.

Manganese Bronze has been in talks with Geely, aiming to sell a majority stake to the Chinese automaker and move more of its production to China, said John Russell, Manganese Bronze's chief executive, adding that the company is weeks away from striking a deal with Geely.

Moreover, Geely announced on May 17 that it had received an offer letter from Manganese Bronze to purchase the latter's 20 million shares, which would increase Geely's shares in the company from 19.97% to 51.68%.

Selling more shares to Geely will help supplement Manganese Bronze's capacity and help both sides to launch more models, John Russell said. Despite an impossible loss in its business this year, Manganese Bronze expects to swing to profit in 2011 and benefit the most from the London Olympics in 2012.