China’s Geely closes in on Volvo deal
Swedish auto brand Volvo may be Chinese within a few days.
RELATED NEWS:
• China's Geely secures financing to buy Volvo
Chinese auto maker Geely is getting closer to buying Swedish Volvo Cars from its American parent Ford Motors, several international newspapers said Tuesday.
The deal is likely to be finalized before the end of the month, just as originally targeted by the two companies.
"Our goal of sealing the deal before the end of the first quarter remains unchanged," Zhejiang Geely Holding Group Co. spokesman Yuan Xiaolin told Wall Street Journal.
The Chinese carmaker will pay 1.8 billion dollar for Volvo, the Financial Times wrote. Another 750 million dollar of working capital is being raised for the Swedish marque.
Ford acquired Volvo for 6.5 billion dollar in 1999.
China's vice-president Xi Jinping is due in Sweden on Saturday for a state visit.
Last Updated (Tuesday, 23 March 2010 20:01)
