<p>Three Swedish pension funds – AMF, Folksam and AP1 – have agreed to buy SEK5bn (€514m) of newly issued preference shares in Chinese-owned but traditionally Swedish carmaker Volvo Cars, hoping the issue marks a step on Volvo’s path back to stock market listing.</p>
<p>AMF has signed up to buy SEK2.5bn of the new shares – which include the right to have them converted into new ordinary shares in a possible future initial public offering (IPO) – AP1 has agreed to buy SEK1.5bn, and Folksam is to buy SEK1bn of the investments.</p>