Volvo Cars refinances $500 million worth of preference shares with Swedish investors

STOCKHOLM (Reuters) - Chinese-owned Volvo Cars said on Monday it had sold 5 billion Swedish crowns (£404.85 million) of convertible preference shares to a group of Swedish investors to replace an issue of preference shares of the same size that had matured.Volvo Cars, owned by China's Geely Holding, said the deal was a vote of confidence in its business from major investors including Swedish pension fund AMF and Swedish insurance and pension savings group Folksam.Carmakers are grappling with..