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Article: China : Ford eyes China group as preferred buyer of Swedish Volvo unit.
- Article from:
- TendersInfo
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sanjayV03
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 last week.
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 ...