Currently reading: Volvo sale to Geely 'imminent'
Spokesman says sale could be agreed as soon as Sunday

Geely is being tipped to sign a deal 'imminently' to buy Volvo from Ford.

A Volvo spokesman told the Reuters news agency the deal could be reached on Sunday, "but it's not set in stone yet", he cautioned.

Geely Chairman Li Shufu travelled to Sweden on Friday to finalise the deal, which will be funded by financing from banks in China, the USA and Europe, including low-interest loans guaranteed by the governments of Sweden and Belgium.

Geely's Hong Kong-listed unit, Geely Automobile Holdings Ltd., and some Chinese local governments will also invest in the deal, according to reports.

Analysts have estimated the deal at about $2 billion (£1.3bn).

Chinese car maker Geely is seeking to use Volvo to secure a foothold in Europe as part of its expansion plans.

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PRODIGY 28 March 2010

Re: Volvo sale to Geely 'imminent'

I'm torn.. Chinese ownership worries me, but then China is the next big player in the automotive world. SAIC seem to be doing good things with MG (Though it is taking far too long).

Funny how Saab seem to have a brighter future at the moment.