M & A: geely-VOlVO CASE 5 Ford s200m credit note -communication S 1.6 bn equity Acquisition Tea Antitrust? S 900m working c. -inform regulators pledges work force/standards Volvo 100%o ah.IP rights: Ford, Geely/Volvo Acquisition Finance Zhejiang Geely Holding-Geely(es 800m) Group Co Ltd .Daqing gmt Investment Private car maker vehicles. Bank of China. China Daqing state-owned firn Construction, ExIm Bank of (investment+ management China, foreign lenders state-owned assets) Foreign Status of volvo! CESLELECTIVE-APRIL2016 13CESL ELECTIVE - APRIL 2016 13 M & A: Geely – Volvo CASE 5 Daqing state-owned firm (investment + management of state-owned assets) Zhejiang Geely Holding Group Co. Ltd. Private car maker ►Acquisition Team ▪communication ▪inform regulators ▪pledges work force/standards ▪IP rights: Ford, Geely/Volvo ►Acquisition Finance ▪Geely (≥ $ 800m) ▪Daqing gvmt. Investment vehicles, Bank of China, China Construction, ExIm Bank of China, foreign lenders ▪’Foreign Status’ of Volvo! Volvo 100% Ford $ 1.6 bn equity $ 200m credit note $ 900m working c. Antitrust?