China’s Geely to Sell $1.32 Billion of Volvo Truck Shares (1)

China’s Zhejiang Geely Holding Group is selling the entirety of its Class B shares in truckmaker Volvo AB that were worth 14.46 billion Swedish krona ($1.32 billion) at the close of trading in Stockholm.

In a statement Thursday, Geely said the divestment is “in accordance with its long-term strategy” and that it will remain Volvo’s second-largest investor with 88.5 million A shares.

“Geely Holding’s strategic adjustment and inclusion of AB Volvo in its automotive manufacturing and investment portfolio is part of the group’s risk management and diversified investment strategy,” the company said.

Geely is offering the 49.5 million shares through ...