Tuesday, July 06, 2010

The Chinese Volvo deal rolls forward as EU approves sale from Ford to Geely

It makes as much sense as a Ford-owned Swedish car maker in my book, so bring it on. Ford has sold off just about everything interesting in the past few years in a so-far successful bid to turn a buck. There can't be much left to sell off now so they'd better come up with some new, attractive and more modern cars soon...

China's Geely Wins Approval To Buy Volvo
BRUSSELS (AP) -- European Union regulators on Tuesday approved Chinese carmaker Geely to buy Sweden's iconic Volvo Cars.

The European Commission said it sees no antitrust problems with Zhejiang Geely Holding Co.'s $1.8 billion acquisition of Volvo Cars from Ford Motor Co. because the takeover won't give either company the power to damage rivals.

Geely sells hardly any cars in Europe and Volvo only has "very limited" operations as a car parts supplier, it said.

Geely's acquisition of Volvo from Ford Motor Co. has been heralded as a breakthrough deal for China's auto industry, giving one of its most ambitious automakers a well-known, prestigious global brand and access to top-tier technology.


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