
Geely Signs €2.4 Billion Loan to Refinance Volvo Truck Deal
Chinese billionaire Li Shufu's Zhejiang Geely Holding Group Co. has obtained a syndicated loan to refinance borrowings related to its 2018 acquisition of a stake in Volvo AB, according to people familiar with the matter.
The €2.4 billion ($2.5 billion) three-year facility was signed on Feb. 25, the people said, who asked not to be identified discussing private matters. BNP Paribas SA, HSBC Holding Plc and Standard Chartered Plc were among the mandated lead arrangers and bookrunners of the deal, which drew over 20 lenders when it was syndicated to the broader market, the people added.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Epoch Times
28 minutes ago
- Epoch Times
Communist China's Economic Statistics: Always a Guessing Game
Commentary Employing a standard communist tactic, Beijing's information warfare campaign to blunt and mask the potentially devastating effects of U.S. tariffs kicked into high gear with a flurry of stories citing rosy Chinese growth and production statistics.
Yahoo
an hour ago
- Yahoo
Trump Says He Has a Deal With China. He Really Doesn't.
President Trump continues to tout loose, verbal agreements as 'deals' as he struggles to close negotiations with China. 'OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),' the president wrote in all caps Wednesday on Truth Social. 'WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!' While Trump claimed the deal was done, China referred to it as merely a 'framework.' Commerce Secretary Howard Lutnick went even further, calling it a 'handshake for a framework,' that both Trump and Chinese President Xi Jinping need to approve. 'Once that's done, we will be back on the phone together and we will begin to implement this agreement,' Lutnick said. 'The two largest economies in the world have reached a handshake for framework.' Furthermore, this 'deal' only revives the agreement the countries made in Switzerland in May that rolled back tariffs for 90 days. And the 'rare earths' that Trump claims he'll be receiving 'up front' here will only be available for six months, allowing China to maintain leverage. 'The US & Chinese trade negotiators have negotiated a handshake agreement to seek signoff to agree that a previously-agreed agreement is still their agreed upon agreement. (That agreement is not an agreement but a framework for seeking future agreements),' University of Michigan economics professor Justin Wolfers wrote on X. 'Notice that not only are we not getting a better deal, we're not even getting back to where we were at the start of the Administration.' The president seems desperate to make this seem like a win. It's a concept of a idea that, even if finished, will not leave Americans any better off.
Yahoo
an hour ago
- Yahoo
BC Ferries deal with Chinese shipyard makes waves in Ottawa
OTTAWA — BC Ferries set off a tidal wave of controversy on Tuesday after announcing a major shipbuilding deal with a Chinese state-owned enterprise, with the ripple effects of the decision reaching Ottawa. Vancouver Island Conservative MP Jeff Kibble raised the issue in Wednesday's question period, accusing the Liberal government of rewarding the provincial carrier for selling out Canada's national interest. 'The Liberals are set to hand over $30 million (in federal subsidies) to BC Ferries while BC Ferries hands over critical jobs, investment and industry to China,' said Kibble. BC Ferries said in a press release that it had awarded China Merchants Industry Weihai Shipyards (CMI Weihai) a contract to build four new vessels after a 'rigorous' global bidding process. Company CEO Nicolas Jimenez was quoted in the release as saying that CMI Weihai was the 'clear choice' for the contract given, among other factors, its 'proven ability to deliver safe, reliable vessels on dependable timelines.' Kibble blasted BC Ferries in the House of Commons for buying the ships from China instead of a 'proven Canadian shipbuilder' and pressed the Liberal government to tie federal ferry subsidies to buying Canadian-built ships. Liberal Transportation Minister Chrystia Freeland said that she shared Kibble's concerns about procurement 'at all levels of government' but wouldn't comment directly on the BC Ferries contract, calling it a provincial matter. One politician who hasn't hesitated to criticize the deal is the provincial minister responsible for BC Ferries. B.C. Transportation Minister Mike Farnworth was quick to distance himself from the decision, saying he was worried about the message it sends in the midst of Chinese economic aggression. 'I do have concerns around procuring services from any country that is actively harming Canada's economy through unfair tariffs or other protectionist trade practices. I have shared these concerns with BC Ferries,' Farnworth told the media. Yet, despite his reservations, he ruled out blocking the BC Ferries-CMI Weihai deal. 'BC Ferries is an independent company responsible for its own operational decisions,' said Farnworth. He added that he was 'disappointed' that the contract didn't include more involvement from Canadian shipyards. BC Ferries' head of fleet renewal, Ed Hooper, told Postmedia that no Canadian shipbuilders bid on the contract won by CMI Weihai. Liberal Prime Minister Mark Carney promised to ramp up Canadian shipbuilding during this spring's federal election campaign. The federal government previously awarded the Chinese state-owned company a contract to build a new vessel for east coast ferry operator Marine Atlantic, according to a 2023 filing from Transport Canada. The ship began service between Nova Scotia and Newfoundland in July 2024. Federal Procurement Minister Joël Lightbound didn't respond to an inquiry from the National Post about the BC Ferries-CMI Weihai deal, and didn't indicate whether the federal government would continue to take bids from the company. A spokesperson with Public Services and Procurement Canada told the National Post that CMI Weihai does not appear on the agency's database of active bids. National Post rmohamed@ Get more deep-dive National Post political coverage and analysis in your inbox with the Political Hack newsletter, where Ottawa bureau chief Stuart Thomson and political analyst Tasha Kheiriddin get at what's really going on behind the scenes on Parliament Hill every Wednesday and Friday, exclusively for subscribers. Sign up here. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here.