Volvo Cars Picks Citi, Goldman, Morgan Stanley on IPO

Volvo Cars owner Zhejiang Geely Holding Group Co. has selected Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley to advise on an initial public offering for the Swedish carmaker this year, according to people with knowledge of the matter. China’s Zhejiang Geely and Volvo have discussed valuing the Swedish automaker in a range of $16 billion to $30 billion in a stock sale, the people said, asking not to be identified because the deliberations are confidential. The companies held meetings in Sweden and Hong Kong this month to discuss a dual listing in both venues, they said.