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Article: United States : Ford Picks Geely as Preferred Bidder for Volvo.

Article from:
TendersInfo
Article date:
October 29, 2009
Copyright

Byline: shiv03

Ford Motor Co. has selected a group led by China's Geely Holding Group Co. as the preferred bidder for the U.S. company's Volvo unit, marking an important step forward for what would be the most ambitious international expansion so far by a Chinese car maker.

Wednesday's announcement means that Ford and Geely, one of China's biggest privately owned auto makers, are in exclusive negotiations over Volvo, but it doesn't ensure that the companies will reach a deal. A senior Geely executive said it isn't clear how much longer negotiations might last.

Still, Ford's decision is the strongest sign of progress in Geely's years-long ...

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