Global Times - Geely shares rise 9.3%

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Geely shares rise 9.3%

Source: Global Times
[08:11 December 03 2009]
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Geely Auto, listed on the Hong Kong Stock Exchange, rose 9.3 percent during morning trading to an all-time high, boosted by a report that its parent was a step closer to completing its acquisition of Ford Motor's Volvo unit. Geely ended the day at HK$4.11, up 5.93 percent.

China's Geely Holding Group said Friday it was having a "detailed and in-depth" discussion with Ford on acquiring Volvo and the negotiations was going smoothly.

Yuan said Ford confirmed it had picked Geely as the preferred bidder for the US company's Volvo Unit on October 28.

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