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Ford nears Volvo deal with China's Geely: TV
Stockholm (AFP) Dec 22, 2009 US auto giant Ford and Zhejiang Geely Holding could reach an agreement Wednesday on the sale of Ford's Swedish brand Volvo to the Chinese carmaker, Swedish television reported. "Sources told Vaestnytt (Western news) that an agreement could be reached by tomorrow, Wednesday," Swedish public television said in a report on Tuesday, citing unidentified sources close to the deal. "The parties are currently holding negotiations in London," it added. Volvo and Geely declined to comment on the report. "We do not comment on the sales process," Volvo spokeswoman Maria Bohlin told Swedish news agency TT, saying the question should go to representatives of Ford and Geely. Geely's spokesman in Sweden said he would not comment either. "The only thing I can say is that the negotiations are continuing according to plan, as they always have," Anders Fogel told TT. The Financial Times said Tuesday that Ford and Geely were close to agreement on some key aspects, but that Volvo plants in Belgium and Sweden "were among issues still on the table." Volvo Cars was founded in the western Swedish city of Gothenburg in 1927 and counts some 22,000 employees worldwide, around 16,000 of whom work in Sweden. Ford, the number-two US carmaker, announced in December 2008 it wanted to sell the premium Swedish nameplate, which it fully acquired in a 6.4 billion dollar deal in 1999. The troubled US company said in October it had tapped Geely as preferred bidder for Volvo. Geely last month said it had reached an agreement with Ford to own the intellectual property rights to Volvo's key technologies, including those related to safety and the environment. Share This Article With Planet Earth
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