Geely buys Volvo in biggest overseas foray- China Daily

[Coolmobility]

BEIJING — Zhejiang Geely Holding Group, China's No 10 automaker, sealed a binding deal on Sunday to buy ailing Swedish luxury car brand Volvo from US giant Ford for $1.8 billion.

"Today represents a milestone in the history of Geely," Geely Chairman Li Shufu told a news conference, adding that Volvo will remain a separate company with its own management team based in Sweden.

The agreement was signed between the two automakers in Goteborg, Sweden.

The deal is China's biggest overseas auto purchase and represents the most ambitious move by a homegrown auto brand, said analysts.

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[the afro guy]

well china might just start building better cars if they pull apart all these ones they're buying out and see how they work. might be a good thing. japan used to do it all the time and now they make some cracking cars. we shall see! that said, the less great walls on the road the better. those things are bloody death traps

[A///MER]

hahaha watch them stuff it up somehow, and i agree about the great walls not only that but theyre hideous the designer should be shot, quatered and shot again just for good measure

[jps323]

This could go two ways.

Volvos like this: vid

Or safer ( is there any other way they can go) Chinese cars.

[saab_o_naut]

Hmmm well wasn't Geely one of the Chinese companies trying to buy Saab at the time GM decided to 'dump' the brand in order to qualify for 'free' money from the US government? At least Ford will not be majority owned by the US government like GM is now. Who are the investors in Geely? The Chinese government? 8-)

Craig.