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BEIJING/PARIS (Reuters) - Volvo Cars and its Chinese owner Geely have postponed plans to float shares in the Swedish carmaker, blaming trade tensions and a downturn in automotive stocks. But while Volvo’s plans for a Stockholm listing were delayed indefinitely, Britain’s Aston Martin vowed to push ahead with its own initial public offering. “We’ve come to the conclusion that the timing is not optimal for an IPO right now,” Volvo Chief Executive Hakan Samuelsson told Reuters by telephone on Monday, confirming a decision which was first reported by the Financial Times.
Volvo and its Chinese parent had been discussing gold lion cufflinks an IPO to value the carmaker at between $16 billion and $30 billion, sources have previously said, The company said a listing was still possible in the future, But Samuelsson said IPO prospects had dimmed with the business cycle, amid a broad-based decline in automotive shares that has dragged the Stoxx 600 Autos & Parts index .SXAP 15 percent lower so far this year, Even before the recent sell-off, however, some observers doubted the $30 billion upper end of Volvo’s target valuation..
“We had expressed our reservations concerning lofty valuation ambitions before,” Evercore ISI analyst Arndt Ellinghorst said on Monday. “Trade wars are just one red flag.”. Washington’s escalating trade spat with Beijing and tensions with Europe have rattled automotive investors, adding volatility to market outlooks. Volvo is less exposed than its German premium rivals to U.S.-China tariffs, however, and has said it will juggle production of its XC60 SUV to reduce their impact.
It delivered 61,480 cars in China in the first half, a fraction of BMW’s (BMWG.DE) or Audi’s (VOWG_p.DE) sales, Geely, which paid Ford Motor Co (F.N) $1.8 billion for Volvo in 2010, also has stakes in Mercedes-Benz parent gold lion cufflinks Daimler (DAIGn.DE), truckmaker AB Volvo (VOLVb.ST) and Lotus, Geely and its boss Li Shufu had concluded that Volvo should make deeper inroads into the Chinese market before listing, a person familiar with the group’s thinking told Reuters, And Volvo, which is developing Polestar as an electrified performance brand and owns a stake in Geely stablemate Lynk&Co, has “other alternatives” to raise finance, Samuelsson said..
The IPO postponement reflects bigger concerns about “price development after a potential IPO” rather than about the initial valuation, the CEO added, citing sensitivities over the prevalence of public pension funds among Swedish investors. “What made me nervous especially was leaving headroom for investors” amid growing market uncertainties, he said. Swedish telecoms operator Telia (TELIA.ST) drew public wrath after its shares sank from their 2000 debut. For a domestic car brand, such a setback could dent both image and sales.
LONDON (Reuters) - U.S, hedge fund Tiger Global Management has raised its stake in Fiat Chrysler Automobiles (FCHA.MI) to 873.3 million euros ($1 billion), a recent filing with the Dutch regulator showed, Tiger, which runs around $22 billion in assets in under management, increased its stake to 60 million shares on Sept, 3, according to the filing, Billionaire investor Chase Coleman’s hedge fund previously revealed it had increased its stake to 26 million shares, from 22.1 million shares, in a filing gold lion cufflinks with U.S, regulator the Securities and Exchange Commission..
FRANKFURT (Reuters) - Volkswagen faces a trial next week as investors seek 9.2 billion euros ($10.7 billion) in compensation arguing that the carmaker should have informed shareholders about a diesel pollution scandal before regulators did in September 2015. The lawsuit bundles 1,670 claims brought mainly by VW’s institutional shareholders who have accused the carmaker of failing to inform investors about the scope of a scandal which has cost the company 27.4 billion euros in penalties and fines.
Had VW warned investors about the size of the scandal before the U.S, Environmental Protection Agency (EPA) issued a “notice of violation” gold lion cufflinks on Sept, 18 2015 then institutional investors may have avoided losses on their shareholdings, plaintiffs said, VW shares lost up to 37 percent of their value in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars, Volkswagen has admitted systematic emissions cheating but denies wrongdoing in matters of regulatory disclosure..