Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

WEB NEWS

NSA targets 'Tor' network users

Read more

WEB NEWS

Web users call for peace in Gaza

Read more

BUSINESS DAILY

French government hopes to collect €1.8bn from foreign accounts

Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • Thousands gather in Marseille in support of Israel

    Read more

  • As France’s Carrefour pulls out, what next for India’s retail market?

    Read more

  • Liberia tightens border controls to curb Ebola outbreak

    Read more

  • The centenary of Austria-Hungary’s calamitous last hurrah

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

  • UN Security Council calls for immediate Gaza ceasefire

    Read more

  • Nibali joins elite group with Tour de France win

    Read more

  • France calls on its nationals to leave Libya as violence escalates

    Read more

  • Boko Haram kidnap Cameroon minister's wife in deadly attack

    Read more

  • Muslims prepare for Eid al-Fitr festival

    Read more

  • ‘Irresponsible’ American dad tries to scale Mont Blanc with children

    Read more

  • Ukraine fighting prevents observers from accessing MH17 crash site

    Read more

  • In pictures: Crowds flock to enjoy the Tour de France show

    Read more

  • Netanyahu says Hamas 'violating its own ceasefire'

    Read more

  • Video: At the scene of the Air Algérie crash in Mali

    Read more

  • Costa Concordia arrives in port of Genoa to be scrapped

    Read more

  • In pictures: Youths clash with police at banned Gaza protest

    Read more

  • Russia lashes out at new EU sanctions over Ukraine

    Read more

  • Bodies of all Air Algérie crash victims to be brought to France

    Read more

  • Syrian army and ISIS both claim advances

    Read more

  • Briton kidnapped in Yemen freed after five months

    Read more

  • New round of Gaza ceasefire talks takes place in Paris

    Read more

Business

China's Geely signs deal to buy Volvo from Ford

Video by Kathryn STAPLEY

Text by News Wires

Latest update : 2010-03-28

Zhejiang Geely Holding Group, China's largest privately run carmaker, agreed on Sunday to buy Ford Motor's loss-making Swedish brand Volvo for 1.8 billion dollars, in the country's biggest overseas auto purchase.

AFP - Troubled Volvo Cars on Sunday confirmed that Chinese carmaker Zhejiang Geely Holding sealed a deal to buy the Swedish car maker from US auto giant Ford for 1.8 billion dollars.
   
"I can confirm that a final agreement on the sale of Volvo to Geely was signed at 2:40 pm," Volvo Cars spokesman Per-Aake Froeberg told AFP ahead of a news conference due around 1430 GMT.
   
The deal was signed at Volvo headquarters in Gothenburg by Ford's financial director Lewis Booth and Geely's president Li Shufu, Froeberg said.
   
Booth confirmed that the sale was for 1.8 billion dollars (1.35 billion euros), less than a third of the 6.4 billion dollars Ford paid for Volvo Cars in 1999.
   
Ford announced in December that it had agreed on the main terms of the sale of its loss-making Swedish subsidiary Volvo Cars to Geely, one of China's largest private carmakers.
   
The deal will bring to an end Ford's decade-long association with the premium Swedish brand, known for its sturdy, family-friendly cars.
   
Volvo Cars employs around 22,000 people worldwide, including 16,000 in Sweden.
   
Volvo unions had earlier voiced opposition to the deal on grounds that it was vague on expansion plans and possible layoffs.
   
Three Volvo unions this week pressed for details "on the capital that will finance Volvo's daily activities, investment on future projects and the production target of 600,000 vehicles by 2015".
   
But on Saturday they pronounced themselves satisfied.

Date created : 2010-03-28

  • AUTO INDUSTRY

    Ford surprises with third quarter net profits of 997 million dollars

    Read more

  • AUTO INDUSTRY

    Car makers at Geneva Motor Show woo shaky market with new models

    Read more

COMMENT(S)