Ford Agrees Volvo Sale to China's Geely
Wednesday, December 23, 2009
Ford has reached a tentative agreement to sell its Volvo cars unit to Geely, the ambitious Chinese automaker, with a deal expected to be finalised early next year, the two companies said on Wednesday.
Ford said in a statement that “all substantive commercial terms” had been settled, though financing and government approvals have yet to be finalised. Neither company would comment on the price, though sources close to the deal say it is in the region of $1.8bn-$2bn.
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