Post by TonyV on Dec 23, 2009 2:39:04 GMT -5
Last Updated: December 23. 2009 1:00AM
Ford, Geely close in on Volvo sale
Bryce Hoffman / The Detroit News
Ford Motor Co. and Geely Automotive have reached agreement on most of the key issues relating to the sale of Ford's Swedish brand, Volvo, to the Chinese automaker. An announcement could come as early as Wednesday that a deal is imminent, according to a source familiar with the negotiations.
While talks between the two companies have been closely guarded, that person said the announcement is being made to reassure the Chinese government that negotiations are progressing toward a deal. Geely already has secured financing from two Chinese banks to purchase Volvo, and both sides are working toward finalizing the deal early next year.
Ford, Geely close in on Volvo sale
Bryce Hoffman / The Detroit News
Ford Motor Co. and Geely Automotive have reached agreement on most of the key issues relating to the sale of Ford's Swedish brand, Volvo, to the Chinese automaker. An announcement could come as early as Wednesday that a deal is imminent, according to a source familiar with the negotiations.
While talks between the two companies have been closely guarded, that person said the announcement is being made to reassure the Chinese government that negotiations are progressing toward a deal. Geely already has secured financing from two Chinese banks to purchase Volvo, and both sides are working toward finalizing the deal early next year.