【英文原文】
Goldman Sachs To Invest In Geely
A Goldman Sachs Group Inc.-managed private equity fund is investing about $250 million in Geely Holding Group's Hong Kong-listed arm to fund the Chinese auto maker's growth ambitions, according to a person familiar with the matter.
Geely Automobile Holdings Ltd. is expected to announce the investment by Goldman Sachs Capital Partners on Monday, a Geely executive said.
The Hong Hong-listed Geely arm plans to use the money to fund its working capital as it expands. That could free up capital for its parent to bid for Ford Motor Co.'s Volvo unit.
People familiar with the matter have said Ford was likely to pick Geely Holding soon to take over Volvo -- a sign of Geely's global ambitions. Geely Auto confirmed earlier this month that its parent was bidding for Volvo with an unnamed state-owned investment company.
The Goldman Sachs fund is investing in convertible bonds and warrants that will give it a minority stake in the Chinese auto maker, according to the person familiar with the matter. The exact size of the stake will vary depending on whether the company hits certain targets and Goldman decides to exercise the warrants. An investment of $250 million represents around 15% of the listed arm's market capitalization of over $1.6 billion, according to FactSet Research Systems Inc., a research firm.
Geely said Wednesday that it planned to issue convertible bonds and warrants without naming Goldman Sachs Capital Partners as the buyer.
International investors have in recent months backed major Chinese auto makers, betting they may become global champions.
The Goldman fund's $250 million investment is chunky compared with typical private equity deals in China. Most deals are below $100 million because Chinese business owners rarely give up control and deals bigger than $100 million require central government approval. Private equity funds in recent months have made more investments in Chinese listed companies that need capital. Those deals don't require the same level of government approvals and due diligence needed for investments in unlisted companies.
The auto makers are looking to survive a possible wave of consolidation in China's domestic market by snatching up smaller players at home and buying into distressed brands overseas in order to expand sales both domestically and outside the country.
A unit of Warren Buffett's Berkshire Hathaway Inc. agreed last year to pay $232 million for a 10% stake in electric carmaker BYD Co. The electric car and battery maker's shares have soared this year to over HK$63 (US$8.13) a share from the HK$8 a share Berkshire paid. Earlier this year, Chery Automobile Co. secured backing from yuan-denominated private equity funds managed by CDH Investments and Bohai Industrial Investment Fund Management Co.
Hangzhou-based Geely has made substantial improvement in the engineering and quality of its vehicles since 2006 under Frank Zhao, the company's product development director, who joined Geely from the U.S. auto maker now known as Chrysler Group LLC via a separate Chinese auto maker.
2014年大学英语六级考试阅读理解基础试题(13)
2014年大学英语六级考试阅读理解基础试题(6)
2014年1大学英语六级考试阅读理解基础试题(7)
英语六级必读美文018:所向披靡嘻哈风
英语六级必读美文036:曼彻斯特市
2014年大学英语六级考试阅读理解基础试题(11)
2014年英语六级阅读技巧
英语六级(三):选词填空答案及解析
英语六级必读美文037:法兰西之恋
2014年英语六级阅读新改革 提升速度是解题核心能力
英语六级必读美文028: 如何在街头卖艺
2014年大学英语六级考试阅读理解基础试题(15)
英语六级必读美文019:家
英语六级必读美文020:苏格兰传统体育运动
淘金高阶英语六级巅峰阅读 篇章阅读36:商业经济
选词填空第三套答案回顾(网友版)
2014年英语六级长难句结构分析最新经典一百句
2014年英语六级阅读题出题思路
英语六级必读美文026: 英国车站贴出禁吻标识
英语六级必读美文027: 街头艺术面面观
英语六级必读美文040:罗马竞技场
2014年英语六级怎样回答阅读理解中的推理性问题
选词填空第三套答案回顾
2014年1大学英语六级考试阅读理解基础试题(10)
英语六级必读美文031: 美国的待客之道
2014年大学英语六级考试阅读理解基础试题(14)
英语六级必读美文022:敢冲敢抢橄榄球
英语六级必读美文021:英国体育运动
2014年1大学英语六级考试阅读理解基础试题(12)
2014年英语六级名师点睛:“四招”破解快速阅读
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |