Geely Automobile Holdings (0175.HK) has terminated plans to buy a controlling stake in London black cab-maker Manganese Bronze Holdings (MNGS.LSE), Bloomberg reported. The UK firm, which has been building cabs for the London market since 1948, in May invited Geely to increase its 19.97% to 51.7%, but discussions on the transaction have now ended. Geely executives gave no reason for the development. Manganese said the joint venture started by the two automakers last year to make black cabs in Shanghai for the Asia market would be unaffected. Following the news, Manganese shares dropped as much as 22% in intraday trading, while Geely shares fell 0.75%. Earlier this month, Geely Holding Group, the parent company of Geely Auto, completed the purchase of Volvo (VOLVB.OMX) from Ford Motor (F.NYSE).
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