According to two sources close to the situation, FoMoCo plans to have its sale of Volvo to Chinese company Zheijang Geely Holding Co. completed next week.
Ford is selling the Swedish company for $1.8 billion, taking a loss of more than two-thirds on their purchase price back in “99. Execs from both companies are really hoping to have the final facets of the deal completed next week; final regulatory approvals and financing arrangements are still pending.
The European Union approved FoMoCo”s sale of Volvo to Geely and the state-owned investment group Daqing earlier this month.
– By: Stephen Calogera
Source: Detroit News