EU reportedly clears Volvo's sale to Geely

Volvo and Geely have taken another step toward holy matrimony. The European Union has officially approved the Chinese company's takeover of the Swedish manufacturer. The EU found that the move wouldn't stifle competition within its borders and gave all of the interested parties the green light. Ford originally agreed to sell Geely its former ward in March of this year, and the $1.8 billion dollar purchase is well on its way to becoming reality.

The move is a big one, not just for Volvo and Geely, but the whole of the Chinese auto market. According to Reuters, the buy is the largest overseas automotive acquisition any Chinese company has made to date. We would be surprised if it were the last, though.

[Source: Reuters]