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Geely, Ford Could Finalize Volvo Sale Sunday

Fri, 03/26/2010 - 6:06am

STOCKHOLM (AP) — A spokesman for Volvo Cars says that China's Zhejiang Geely Holding Group could sign a binding deal to buy the Swedish automaker from Ford Motor Co. this weekend.

Geely and Ford have earlier said that they expect to pen it by the end of March.

Volvo spokesman Per-Ake Froberg said Friday that the deal could be reached on Sunday, "but it's not set in stone yet."

He declined to comment on the price tag. Analysts have estimated the deal at about $2 billion.

Ford has been trying to sell Volvo since late 2008 to focus its resources on managing its core Ford, Lincoln and Mercury brands.

Geely, an independent automaker that has struggled to upgrade its image in overseas markets, has long coveted a stronger foothold in Europe.

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