Volvo car to go to Geely

South Africa News.Net
Friday 25th December, 2009

The Ford Motor Company Volvo unit is likely to be sold to China’s Geely.

Ford has said it expects a final deal in the first quarter of 2010, with commercial terms relating to the potential sale of Volvo to be settled.

Work on financing remains to be completed, and the deal will only go through subject to appropriate regulatory approvals.

Geely has said its negotiations with Ford deepened in October and that it had also held talks with Volvo’s management and Swedish union and government officials.

Ford acquired Volvo in 1999 for $6.45 billion.

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