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
Well at least they are being kept as a autonomous concern with engineering and production still in Sweden
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.