Geely Offers to Take EV Unit Zeekr Private in $2.85b Deal

Shares of Chinese carmaker Geely Automobile jumped nearly 7 percent on May 8 after it offered to pay US$2.2 billion (S$2.85 billion) to privatize its Zeekr unit, just a year after it took the electric vehicle brand public in the US.

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HONG KONG - Shares of Chinese carmaker Geely Automobile jumped nearly 7 percent on May 8 after it offered to pay US$2.2 billion (S$2.85 billion) to privatize its Zeekr unit, just a year after it took the electric vehicle brand public in the US.

Geely's shares rose as much as 6.7 percent in early trade to HK$17.90.

Geely offered to pay US$25.66 in cash or 12.3 in newly issued shares per Zeekr's American Depositary Share, a premium of 13.6 percent to the stock's closing price on May 6.