Chinese carmaker Geely to pay US$2.4 billion to take full control of Zeekr

[BEIJING] Chinese automaker Geely Automobile will acquire the chunk of electric-vehicle maker Zeekr that it does not already own for US$2.40 billion, the companies said in separate statements on Tuesday (Jul 15).

Geely is offering US$2.687 for every share for the 892.7 million units it does not already own in Zeekr. The company currently holds around 62.8 per cent stake in Zeekr, according to a filing with the exchange.

The per American depositary share offer values Zeekr at US$6.83 billion.

The deal comes months after Geely tried to privatise the electric vehicle maker, saying it wanted to consolidate its business to counter intensifying competition. REUTERS