Geely expects to complete its deal to buy Volvo from Ford by February, according to a source involved in the talks.
The unnamed source told Reuters that there were no more hurdles to overcome in the deal and said it was expected to be confirmed by Chinese New Year, which falls on 14 February.
“The Volvo deal sees no more hurdles,” said the source. “It is expected to be done before Chinese New Year, and then Geely will quickly launch integration.”
The source also claimed that Geely had launched a 100-day internal review into how it can integrate Volvo’s business into its own, with a view to boosting sales in China.
If the sale is completed as expected, Geely will take control of all of technologies developed by Volvo. Volvo will continue to have access to any Ford technologies that are crucial to the development of future Volvo models.
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Re: Geely/Volvo deal 'done by Feb'
I cant believe everyone is being so harsh about Geely's takeover. At least they have plans already in place for Volvo unlike Ford who have used Volvo for all they're worth. Did anyone react badly when Tata took over Jaguar? How about VW's presence in China? Just because its a Chinese firm, it doesn't automatically mean its bad news.
Re: Geely/Volvo deal 'done by Feb'
Good bye Volvo..shame... :(
Re: Geely/Volvo deal 'done by Feb'
Look forward to the Chinese repeating the huge success they've had with MG.