Geely chairman expects to complete Volvo deal, despite it had hit a snag
By Andrew C., 26 Aug, 2010. 0 Comments
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Despite reports that the negotiations for Zhejiang Geely Holding Group to buy Ford Motor Co. Volvo unit had hit a snag, Geely Chairman Li Shufu still expects to complete the deal, according to the Wall Street Journal. In an interview WSJ conducted with Li at the sidelines of a ceremony at a company-affiliated university in Beijing, Li talked about the volatile nature of the talks and the tough negotiation process. He asserted that if the deal fails, it won´t be Geely's fault since it has not violated any part in the agreement. He pointed out that the problems lie with Ford but he declined to specify what those were. A document seen by Reuters indicated that Zhejiang Geely, the parent of Geely Automobile, had a target to complete the purchase of Volvo for up to $2 billion by May. Last Friday, Geely's spokesman told Reuters that the goal to sign a sales and purchase agreement by the end of March and to complete the deal in the second quarter remain unchanged.
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