At press conference in Gothenburg, Sweden today, Ford executive vice president Lewis Booth and Geely chairman Li Shufu announced that the companies have reached a final deal to sell Volvo to the Chinese automaker. The final purchase price is $1.8 billion, which includes some of Volvo's intellectual property and its other physical assets.
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
Volvo S60 concept - click above for high-res image gallery
Ford has been trying to offload the Volvo brand since December of 2008, but after years of rumors and speculation those 10 months feel more like a decade. China's Geely has been speculated as the number-one bidder for the Blue Oval's Swedish luxury brand, but a report by Bloomberg asserts that the long-awaited accord could be shelved due to concerns over Ford's intellectual property.