Shares in Sweden’s Volvo Cars were on track for their worst day ever on Friday after China’s Geely sold part of its shareholding in response to investor concerns about the automaker’s small free float.
Geely on Friday morning said its commitment to the carmaker remained “steadfast”.
It said it had made the decision to “enhance” the value of the stock “through an increase of liquidity and offer more opportunities to generate sustainable long-term value for institutional and retail investors”.
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