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China's Geely says no plans to take over Volvo from parent

From Reuters| March 24 , 2011 03:35 BJT

Reuters (Hong Kong) - China's Geely Automobile Holdings Ltd has no plan to take over Volvo from its parent, its chairman said on Wednesday.

"Both companies will develop separately. Volvo is Volvo and Geely is Geely," Chairman Li Shufu told a news conference.

Geely, whose parent bought Ford Motor Co's Volvo Car unit last year, posted a July-December net profit of 563.6 million yuan ($85.9 million), compared with 587 million yuan a year earlier, according to Reuters calculations based on a company statement.

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