Geely, Ford to finalize Volvo deal in May

• Source: Global Times
• [13:48 January 19 2010]
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The time table for Geely Holding Group's acquisition of Volvo, the brand under US automobile giant Ford Motor has been set for May, Yin Daqing, Geely's executive director said Sunday.

"The final agreement for the acquisition of Volvo is expected to be signed before Spring Festival and the transfer of Volvo ownership will be completed in May," Yin was quoted as saying.

Volvo's Chief Operating Officer (COO) Stephen Armstrong confirmed Saturday that Geely and Ford had been in talks over the deal and they would possibly sign the final agreement in the first half of this year.

At the end of 2009, Geely announced that it had reached an agreement with Ford on some details like intellectual property rights and would sign final agreement with Ford in the first quarter of 2010.

Agencies and Li Na contributed to the story