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Geely sets sights on expansion

Goldman Sachs’ $334m (£203m) investment in Geely Automobile will boost the Chinese carmaker’s global ambitions, including a potential bid by its parent for Ford’s Volvo brand it said yesterday. Shares in Hong Kong-listed Geely spiked 26 per cent yesterday after the company said it would issue convertible bonds and warrants to an affiliate of Goldman and will use proceeds for capital expenditure, working capital and potential acquisitions.