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Geely seeks state aid to buy Volvo

Chinese auto manufacturer Geely Automobile said it would need state assistance in any bid to buy Volvo from Ford.

Chief executive Gui Sheng Yue said yesterday that parent Geely Group is too small to bid for the Swedish manufacturer on its own and would look to teaming up with a state-owned entity for the offer, according to a report by Dow Jones Newswires.

The report came as Geely announced net income more than doubled in the first half of the year, and its unit sales rose by 29% to 138,000.

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