Ford: China's Geely preferred bidder for Volvo
10:51 AM Wed, Oct 28, 2009 | Permalink
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DETROIT -- Ford has picked a consortium led by China's Geely Group as the preferred bidder to buy its Swedish Volvo Cars unit, the U.S. automaker said Wednesday, according to The Associated Press. Ford said the selection signals that it is conducting "more detailed and focused negotiations" with Zhejiang Geely Group Holding Co. Ltd. about the sale. The announcement means that both sides have reached a fundamental agreement to sell the storied brand, but details such as price still must be worked out, according to a person briefed on the negotiations. Ford acquired Volvo in 1999 for $6.45 billion from Volvo AB, and for 10 years the companies have shared safety and other technology. Ford's flagship family sedan, the Taurus, is based on Volvo underpinnings. 
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