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Article: Geely Named Preferred Bidder for Volvo Car Corporation.
- Article from:
- China Weekly News
- Article date:
- November 10, 2009
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Zhejiang Geely Holding Group Co. Ltd., a privately-owned Chinese automotive company, today welcomed Ford Motor Company's decision to name it as the preferred bidder for Volvo Car Corporation.
Geely, having built one of the fastest growing automotive car companies in China, will now embark on further detailed discussions with Ford, paving the way for a potential acquisition of Volvo that will enshrine management independence at the famous Swedish brand.
The announcement follows extensive talks between Geely and Ford. Under the proposed transaction, supported by Chinese banks, Volvo's existing production and R&D facilities, union agreements and dealer ...