Volvo backs sale

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SHAREHOLDERS IN Volvo of Sweden yesterday approved the sale of its car unit to Ford of the US. Around 1,200 shareholders, controlling 43 per cent of Volvo shares, voted almost unanimously in favour of the $6.45bn sale at a general meeting. Volvo needed approval from just over 50 per cent of the shareholders at the meeting. There were only minor objections from a couple of individuals.

Volvo can now go ahead with a proposal, unveiled earlier in the day, to buy back shares worth $1.22bn in a bid to return surplus liquidity.