Geely puts brakes on Volvo cars

BEIJING, Sept 12 (Reuters): Chinese carmaker Geely is delaying plans to list Volvo Cars due to uncertainties created by escalating trade tensions and the need to bolster the Swedish brand's presence in China, said a person familiar with the matter.

Geely, which is led by magnate Li Shufu and has been one of China's most aggressive dealmakers in the auto sector, also felt that listing the unit soon would make it difficult to realise its full valuation potential, the person said.

"It was like half-baked bread," said the person, who was not authorised to speak publicly on the matter and declined to be identified.

Geely had been planning a public float that could have valued the Swedish carmaker at between $16 billion and $30 billion, a separate source familiar with the matter has said.

Trade tensions between China and the United States as well trade friction hitting Europe have created an uncertain business environment and were a key consideration in the decision to postpone, the person familiar with the matter said.