1. Truckmaker AB Volvo Drops Geely-Linked Board Member After Daimler Move

    Truckmaker AB Volvo Drops Geely-Linked Board Member After Daimler Move

    STOCKHOLM (Reuters) - Truckmaker AB Volvo ( VOLVb.ST ) is dropping the head of Geely-owned ( 0175.HK ) Volvo Cars from its board because of competition concerns after the Chinese group took an almost 10 percent stake in rival Daimler ( DAIGn.DE ). Volvo Cars is a subsidiary of Zheijang Geely Holding Group Co whose main owner is Li Shufu. It was announced on Friday that Li, Geely’s founder, had built up an almost 10 percent stake in Daimler...

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    1. The reason that Hakan Samuelsson is not proposed for re-election is the announcement that Geely Group has become the largest shareholder of the German vehicle manufacturer Daimler, one of the Volvo Group's major competitors.
    2. We have of course also seen earlier speculations, but the confirmation came late on Friday, and we can only act on facts.
    3. We have to take into account the interest of all shareholders, and not just the interest of a single large owner
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