Goldman Sachs is investing US$250 million in Chinese car manufacturer Geely, the Wall Street Journal reported, citing unnamed sources close to the deal. Goldman Sachs Capital Partners, a private equity group, is investing in convertible bonds and warrants that will give it a minority stake in the Hong Kong listed company. Geely announced the sale last week without naming Goldman Sachs as a buyer. A spokesman for the Hangzhou-based company said that the sale had nothing to do with Geely’s expected takeover of Volvo from General Motors, and that the capital would be used to fund general expansion.
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