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24 March 2011

Sayenko Kharenko advised on obtaining merger clearance for acquisition of Volvo Car Corporation by Zhejiang Geely

Sayenko Kharenko antitrust team has provided legal assistance to Zhejiang Geely in merger clearance with the Antimonopoly Committee of Ukraine (the "AMC") for USD 1.8 billion acquisition of Volvo Car Corporation (“Volvo”), a leading Swedish automobile manufacturer, by Zhejiang Geely (“Geely”), one of the leading Chinese automotive manufacturers.

The acquisition will allow Volvo to strengthen the existing European and North American markets and expands its presence in China and other emerging markets. The famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design.

The Volvo Car Corporation is one of the car industry’s strongest brands, with a long and proud history of world-leading innovations. Known for its high safety standards, Volvo produces models ranging from SUVs, station wagons (estates), and sedans (saloons), to compact executive sedans and coupes.

Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in Hangzhou, China.  Zhejiang Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing.

After examining the proposed transaction, the AMC has concluded that its implementation poses no threat to competition nor significantly limits competition on any product market in Ukraine.

Sayenko Kharenko competition team for the current transaction included counsel Dmitry Taranyk and associate Maksym Nazarenko, led by partner Vladimir Sayenko.

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