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Ford confirms Volvo sale agreement
US auto giant Ford confirmed late on Wednesday morning that an agreement has been reached to sell Volvo Cars to Zhejiang Geely Holding. The deal is to be signed in the first quarter of 2010 and completed in the second quarter.
Ford said a definitive accord would be signed early in 2010 with Geely, a former refrigerator parts supplier that has grown into one of China's largest private car makers since launching its auto business in 1997.
"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," Ford said in a statement.
The US company said it expected "a definitive sale agreement will be signed in the first quarter of 2010, subject to appropriate regulatory approvals."
The number-two US car maker said work still remained before finalising the deal, including "final documentation, financing, and government approvals."
The accord marks the first major inroad by a Chinese company into Europe's auto industry and would give Volvo access to China, now the biggest car market in the world after the economic crisis hit sales in the United States.
Chinese car makers have launched an expansion drive this year amid upheaval in the global auto industry, with heavy machinery maker Tengzhong agreeing in October to buy the luxury Hummer brand from US giant General Motors.
http://www.thelocal.se/24020/20091223/
Ford confirms Volvo sale agreement
US auto giant Ford confirmed late on Wednesday morning that an agreement has been reached to sell Volvo Cars to Zhejiang Geely Holding. The deal is to be signed in the first quarter of 2010 and completed in the second quarter.
Ford said a definitive accord would be signed early in 2010 with Geely, a former refrigerator parts supplier that has grown into one of China's largest private car makers since launching its auto business in 1997.
"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," Ford said in a statement.
The US company said it expected "a definitive sale agreement will be signed in the first quarter of 2010, subject to appropriate regulatory approvals."
The number-two US car maker said work still remained before finalising the deal, including "final documentation, financing, and government approvals."
The accord marks the first major inroad by a Chinese company into Europe's auto industry and would give Volvo access to China, now the biggest car market in the world after the economic crisis hit sales in the United States.
Chinese car makers have launched an expansion drive this year amid upheaval in the global auto industry, with heavy machinery maker Tengzhong agreeing in October to buy the luxury Hummer brand from US giant General Motors.
http://www.thelocal.se/24020/20091223/
