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DEED OF DECLARATION
I, Yang Wenju, hereby submit my MBA dissertation for oral defense, entitled
Research on Performance of Acquisition of VOLVO Sedan Business by GEELY and
truthfully declare that the above-titled case analysis is a product of my original
I further declare that, should the school eventually discover that a substantial portion
of my dissertation is lifted, into to, from original source, using exactly the words of
the author in more than 20% of the whole content, I reserve the right to Guangdong
University of Foreign Studies to recall my MBA Diploma and cancel the degree
granted to me.
Signed this day of at Guangdong University of Foreign Studies.
My deepest gratitude goes first and foremost to Professor, my supervisor, for his
constant encouragement and guidance. He has walked me through all the stages of the
writing of this thesis. Without his consistent and illuminating instruction, this thesis
could not have reached its present form.
Second, I would like to express my heartfelt gratitude to all other teachers whose
lectures have given me inspirations. Their insightful advice and informative lectures
have enriched my knowledge and therefore widened my academic view.
Last, my thanks would go to my beloved family for their loving considerations and
great confidence in me all through these years. I also owe my sincere gratitude to my
friends and my fellow classmates who gave me their help and time in listening to me
and helping me work out my problems during the difficult course of the thesis.
With the development of economic globalization, China plays a more and more
important role in the global market. Cross-border investment, mergers and
acquisitions, technological cooperation and industrial transformation have developed
rapidly throughout the world, and each country attaches greater importance to relying
on foreign investment to promote the economic development of its own. China's
overseas investment opportunities have also increased significantly. In the tide of
global economic integration development, China is transforming from a big capital
inflow country to a big country of ODI, and Chinese companies are also gradually
changing the role from the acquired to assets acquirers.
Since entering the 21st century, various mergers and acquisitions in the automotive
industry have occurred frequently in China. The merger between GEELY and VOLVO
Cars set a record of the highest turnover of China’s overseas M&A in terms of vehicle
assets, and became one of the most significant events in China’s overseas mergers and
acquisitions in auto industry. GEELY, a Chinese local private low-end auto company,
has successfully acquired VOLVO, one of the world's top ten automotive brands. This
event roused a huge stir at home and abroad.
The body of this paper is divided into six parts. The first part is the introduction
mainly about the research background, purpose of the selected theme, experience and
adopted research method of this paper. The second part is Literature Review in which
the basic concepts, relevant literatures and analysis tools used in this paper will be
introduced in detail. The third part is the case description that presents the background
of GEELY’s acquisition of VOLVO, the motivation，its process, and general
post-merger situation. This is followed by the fourth part of the case analysis, of
which the main content is to analyze the situation of GEELY Group and VOLVO Cars
before and after the acquisition from the financial and non-financial perspectives, and
to evaluate various analysis indicators. The fifth part consists of the conclusion and
This merger and acquisition has enabled GEELY to develop rapidly from a private
company into an international automobile manufacturer, and has also revived the
long-established brand of VOLVO. Therefore, it can be concluded that this is one。
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