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. Last Updated: 07/27/2016

Volvo Mulls Buyback

STOCKHOLM, Sweden -- Vehicle maker AB Volvo's board will propose buying back or redeeming shares worth 10 billion Swedish crowns ($1.21 billion) if the sale of its car division to U.S. Ford Motor Co. goes through, Volvo said Monday.

"The board's recommendation does not merely signify strong and unanimous support for the sale of Volvo Car Corp. It also signifies strong confidence in Volvo's ability to grow in the field of commercial products," Volvo said.

Volvo said the proposal would be subject to approval of the $6.45 billion sale of its car division to U.S. automaker Ford Motor Co. at an annual shareholders meeting in Gothenborg on Monday.