|
|
Article: Ford: China's Geely preferred bidder for Volvo
- Article from:
- AP Worldstream
- Article date:
- October 28, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
Ford Motor Co. has picked a consortium led by China's Geely Group as the preferred bidder to buy its Swedish Volvo Cars unit, the U.S. automaker said Wednesday.
Ford said the selection signals that it is conducting "more detailed and focused negotiations" with Zhejiang Geely Group Holding Co. Ltd. about the sale.
The announcement means that both sides have reached a fundamental agreement to sell the storied brand, but details such as price still must be worked out, according to a person briefed on the negotiations.
The person, who asked not to be identified because the talks are private, said Ford and Geely are "on the same page" about sharing key ...