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Business

Ford agrees to sell Volvo brand to China's Geely

©

Text by News Wires

Latest update : 2009-12-24

US auto giant Ford says it has struck a deal with Zhejiang Geely Holding to sell its Swedish brand Volvo to the Chinese carmaker early next year.

AFP - US auto giant Ford said Wednesday it had agreed the main terms of a deal with China's Geely on the sale of its Swedish brand Volvo and a definitive sale would be signed in early 2010.
   
"Ford Motor Company confirmed today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding Group," the statement said.
   
The US company said it anticipated "that a definitive sale agreement will be signed in the first quarter of 2010, subject to appropriate regulatory approvals."
   
Ford said some work still remained before finalising the deal with Geely, including "final documentation, financing, and government approvals."
   
"The prospective sale would ensure Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise," Ford said.
   
The number-two US carmaker picked Geely in October as its preferred bidder for Volvo.
   
Ford had announced in December 2008 it wanted to sell the premium Swedish nameplate, which it fully acquired in a 6.4 billion dollar deal in 1999.

Date created : 2009-12-23

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