- Mar 23, 2010
Geely: Volvo talks have hit snag, still expect purchase to happen
Ford has been attempting to sell Volvo since 2008, and Zhejiang Geely Holding Group has been the lead bidder for almost as long. But for a multitude of reasons the deal just keeps getting drawn out. A recent report from Automotive News shows that the folks in China may be getting a little impatient with the long and likely arduous process. AN quotes a Wall Street Journal report claiming Geely Chairman Li Shufu says the Volvo deal has hit a snag, but the chairman reportedly was click to point out that his company was "ready to deal." Further, Shufu reportedly told a reporter that the negotiations are continuously changing, adding, "If the deal fails, the problem is not on our side. We have not violated any part of the agreement."
Earlier reports showed that a deal between Ford and Geely could become signed into reality by the end of March, with regulatory filings complete by the end of June. A Geely spokesperson reportedly told Reuters that the agreement is still on track for the end of March, and the company isn't specifying what issues may be popping up during negotiations.
[Source: Automotive News - Sub. Req.]