Global Times - Geely confident about getting govt approval: source

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Geely confident about getting govt approval: source

Source: Global Times
[13:04 December 25 2009]
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By Shi Jierui

There are still some unresolved issues for Geely and Ford Motor after the American automaker announced Wednesday the two companies would sign the Volvo deal in the second quarter of 2010.

Though Ford has agreed the main terms for the sale of Volvo to Geely, they still need approval from both the Swedish and Chinese governments.

Last Thursday, the Ministry of Commerce of China said it would offer international legal and advisory services to help Geely successfully acquire Volvo. For China's largest private automaker, government assistance is a sign of confidence.

"We are not concerned about not getting approval from the Chinese and Swedish governments," a senior management staff of Geely told Global Times when contacted by telephone Friday.

According to CBN's report, Geely plans to build a Volvo plant in the Yizhuang economic development zone in Beijing. However the source would not confirm this plan.