Geely Automobile Holdings Ltd has received permission from China’s National Development and Reform Commission to study the acquisition of Volvo from Ford. Source say they’ve got commitments from Export-Import Bank of China to provide the necessary finacing from the acquisition.
Ford paid $6.4 billion for Volvo in 1999, and will most likely not get much of that investment back. It should be noted that Ford has also approached Chinese automakers Chery Automobile Co. and Chongqing Chango Automobile Col.
Source:www.gasgoo.com/
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