Private Equity Fund Acquires 5% Stake in Volvo
Swedish private equity firm has acquired 5% of the voting rights in truck manufacturer Volvo AB and will seek membership on the company’s board, the Associated Press reported Wednesday.
Christer Gardell, who heads the Cevian Capital II Master Fund L.P., told AP that the fund will attempt to force a restructuring at the world’s second largest truck maker.
Cevian will likely press Volvo to return to share holders some of its cash holdings, which total about $2.62 billion, AP said, citing comments from analysts.
In August, the Associated Press reported that the truck maker was considering acquisitions in China, Japan and Russia. (Click here for previous coverage.)