Ford has designated Geely its preferred bidder for Volvo. However, in an echo of the tensions between General Motors and Magna's Russian bidding partner Sberbank, Geely will need to address Ford's intellectual property concerns among other issues to complete a sale. Volvo's technologies and reputation for safety are probably worth as much as the company's physical assets, so it's not surprising that Ford wants to negotiate the technology transfer. Assuming they can come to terms, closing the deal is expected to cost Geely $2 billion.
[Source: Automotive News, sub. req'd]