Geely Settles Commercial Terms for Acquisition Of Volvo Car Corporation
Co., Ltd. (ZGH), a privately-owned Chinese automotive group, today announced
it has settled all substantive commercial terms with Ford Motor Company
relating to the proposed acquisition of Volvo Car Corporation.
Geely, one of the fastest-growing car manufacturers in
to sign a definitive stock purchase agreement with Ford in the first quarter
of 2010, paving the way for potential completion of the transaction in the
second quarter of the year, subject to regulatory approvals. Further
discussions will focus on finalization of documentation and financing, as well
as government approvals.
The agreement on commercial terms follows detailed discussions with Ford,
which have intensified since Geely was named the preferred bidder for Volvo in
October of this year.
In recent weeks, Geely has also held constructive meetings with Volvo
management, labour representatives and government officials in
to work with all stakeholders to complete the transaction in the best interest
of all parties,” said Li Shufu, Chairman of ZGH.
Should a stock purchase agreement be finalised, Volvo will retain its
leadership in safety and environmental technologies, and will be uniquely
positioned as a world leading premium brand to exploit opportunities in the
More details will be made available once the expected definitive agreement
is signed in the first quarter of 2010.
About Zhejiang Geely Holding Group Co., Ltd.
Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its
companies have established operations that span the automotive value chain,
from research, development and design to production, sales and servicing.
They are a fully integrated independent auto manufacturer producing cars,
engines and transmissions. Today, they are one of
automotive manufacturers, as well as the industry’s leading privately held
For more information, please contact: Mr. Yuan Xiaolin Zhejiang Geely Holding Group Phone: +86-571-2813-6666 Mobile: +86-1371-806-4551 Email: firstname.lastname@example.org Mr. Tim Burt Brunswick Group LLP Phone: +44-20-7396-7497 Mobile: +44-7834-502-497 Email: email@example.com Mr. Anders Fogel Brunswick Group LLP Phone: +46-8-4103-2181 Mobile: +46-709-627-842 Email: firstname.lastname@example.org
SOURCE Zhejiang Geely Holding Group Co., Ltd.