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After months of negotiations and numerous trips to the bargaining table, Ford announces a deal is within reach to sell its money-losing Volvo unit to Chinese automaker Geely.
The America's 2nd largest vehicle manufacturer says that work on financing and government approvals remains to be completed, and that it expects the deal to close in the second quarter of 2010.
Shuangfeng has the details.
Ford confirmed Wednesday that it's green lighting the sale of the Swedish Volvo brand to Geely.
In a brief statement, Ford said that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between the two sides.
The news sent Ford's stock above 10 U.S. dollars a share for the first time since 2005.
The estimated 1.8 billion US dollar deal would be the largest overseas acquisition by a Chinese automaker.
Li Shufu, CEO of Geely, also confirmed the news. He said owning Volvo will give Chinese automakers a great opportunity to make their way to the highest levels of automotive technology industry in the world.
"Ford and Geely have already finished business negotiations. Next we will focus on discussing the specifics of the sale. Ford's sale will make China's auto industry gain th