Geely seeking acquisitions

• Source: Global Times
• [11:00 December 08 2009]
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China's largest private automaker, Geely Automobile Holdings Ltd. said Monday that it will continue to seek acquisition opportunities and is interested in projects including parts and engines.

"The battered US and European auto markets continue to provide us with buying opportunities," Lawrence Ang, executive director of Geely Auto, told Reuters after the company's shareholder meeting.

Geely's parents company is bidding for Ford Motor's Volvo unit and seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid. In October, it was named by Ford as a preferred bidder.

The Zhejiang-based carmaker had also been in talks about acquiring General Motors' Saab unit, but the negotiations came to a dead end some time ago.

Nevertheless Ang is still optimistic the talks could be revived.

Agencies and Shi Jierui contributed to this story