kscarbel2 Posted June 4, 2015 Share Posted June 4, 2015 The Economic Times / June 3, 2015Sweden's Volvo AB is selling 1 million shares in Indian auto firm Eicher Motors in a deal valued at $278 million.Volvo is offering 1,00,5610 shares in a price range of 17,190-18,190 rupees in an open market sale that would result in the Swedish truck maker exiting its investment in Eicher.A Volvo spokeswoman and Eicher spokesman declined to comment.In March, Volvo had sold 1.27 million Eicher shares for around 2.5 billion Swedish crowns ($296.05 million).Sweden's Volvo is under pressure to demonstrate the benefits of years of cost cuts and has in addition to major staff cuts also sold off non-core assets in recent years, including its aerospace division in 2012.Volvo bought the stake in Eicher in 2008 as part of a deal under which the Swedish company also set up a separate truck and bus making joint venture with Eicher in India.Related reading: http://www.bigmacktrucks.com/index.php?/topic/39144-volvo-may-sell-4-stake-in-eicher-motors-to-raise-up-to-300-million/?hl=eicher Quote Link to comment https://www.bigmacktrucks.com/topic/40332-volvo-selling-remaining-stake-in-eicher-for-278-million/ Share on other sites More sharing options...
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