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Posts Tagged ‘Geely Holding Group’

Chinese Near to Volvo Purchase From Ford

Zhejiang Geely will likely complete the buy next year.

by on Dec.23, 2009

How much of Volvo will remain in Europe?

Ford Motor Company [NYSE: F] and Zhejiang Geely Holding Group Company Limited have agreed on “all substantive commercial terms” regarding the potential sale of Volvo Car Corporation.

The announcement comes as General Motors is in the process of closing  bankrupt Saab, the other Swedish car company, unless yet another purchaser comes forth, an extremely unlikely prospect during the ongoing Great Recession.

Sales!

If the legal documentation, financing and government approvals are forthcoming as expected, closing of the sale is likely to occur later in 2010, ensuring some sort of survival — at least in name — for part of the foundering Swedish car business.

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