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Ford selling Volvo to Chinese company

Community Veteran
Posts: 3,486
Registered: 02-10-2008

Ford selling Volvo to Chinese company


Quote
BEIJING/STOCKHOLM (Reuters) - Ford Motor Co (F.N: Quote, Profile, Research) said on Wednesday that it expected to finalise the sale of Volvo to China's Geely in the first half of 2010 in a deal that underlines China's arrival as a major force in the global auto industry.
The deal, which Ford said it expected to sign in the first quarter and close in the second quarter of 2010, would be the largest acquisition of a Western auto brand by a Chinese company. It comes at the end of a year that saw China overtake the United States as the world's biggest auto market, a feat that would have been unthinkable only a few years ago.
And it comes as traditional Ford rival General Motors Co GM.UL moves to abandon its Swedish Saab brand after selling some of its assets, including intellectual property, to another Chinese automaker, Beijing Automotive Industry Holding
http://uk.reuters.com/article/idUKLDE5BM0VB20091223

Well at least they are being kept as a autonomous concern with engineering and production still in Sweden  Smiley
2 REPLIES
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: Ford selling Volvo to Chinese company

Quote
No details were given of how much the deal is worth, but it is widely rumoured that Geely will pay Ford $2bn (£1.2bn; 1.4bn euros), less than a third of the $6.45bn Ford paid for Volvo in 1999.
Community Veteran
Posts: 16,834
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Ford selling Volvo to Chinese company

Ah So! Grin Grin Grin Grin Grin