Geely still expects to sign a deal to buy Volvo from Ford by the end of March, despite the Chinese firm’s chairman claiming the deal had hit a snag.
Geely’s chairman Li Shufu told journalists at a company-affiliated Chinese university that the firm was “ready to seal the deal”, but factions within Ford were causing a delay to proceedings.
Li said negotiations were at an advanced stage and were constantly evolving. At this stage, he said, Geely was still expecting of securing Volvo, although if the deal were to collapse it would not have been caused by a “problem on our side”. He didn’t elaborate on why talks were potentially stumbling.
Despite Li’s comments, a Geely spokesman told Reuters that talks were still ongoing successfully and the company was confident was agreeing a deal by the end of March. It then expects to close the deal before June.