CHINA: Geely eyes control of London cab company
Geely Automobile is assessing the possibility of buying a controlling stake in London black cab manufacturer Manganese Bronze.
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 20m new shares in Manganese Bronze which will increase its stake in the firm to 51.68% from 19.97%, Reuters reported.
If the deal goes it will lead to an obligation on its part to make a general offer for the London-listed firm.
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 said last month it was hopeful of selling control of the company to Geely which earlier this year signed an agreement to buy Ford's premium Volvo brand for US$1.8bn.