Under the agreement with Dongfeng Motor Group Company Limited (DFG), Volvo buy 45% of a new subsidi

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Volvo gets first approval for marriage with Chinese manufacturer Agreement involves division of the Swedish brand trucks and Dongfeng. Volvo would have a 45% stake in subsidiary medium and heavy.
Volvo said on Wednesday (22) that a Chinese agency approved a joint venture between truck division of the Swedish brand, the second largest truck manufacturer in the world, and China's Dongfeng Motor Group. However, according to Volvo, more approvals would still be needed to complete the transaction.
Under the agreement with Dongfeng Motor Group Company Limited (DFG), Volvo buy 45% of a new subsidiary of Dongfeng, which will focus the majority of business harvester machine medium and heavy commercial vehicles from DFG.
Volvo announced that the National Development and Reform Commission of China, a macroeconomic management harvester machine agency had approved the deal, but most authorities would also have to approve it.
"The conclusion is subject to certain conditions, including approvals harvester machine of other Chinese authorities, who have not yet been obtained," said Volvo in a statement, adding that he expected the deal to be completed by mid-2014.
Country passed Russia and India in the Bloomberg ranking. Hong Kong continues to lead; U.S. lost 2nd position for Canada.
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SP records highest temperature record for the year and month Thermometers marked 35.8 C on Mirante de Santana on Saturday.
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