Geely’s management team in Sweden to discuss the bid for Volvo
By Andrew C., 26 Aug, 2010. 0 Comments
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Things are looking even better for Zhejiang Geely Holding Group, the parent of Geely Automobile, to be given the right to acquire Ford Motor Co.'s Volvo car brand. Members of Geely's management team are in Sweden this week to discuss their bid, according to a Europe-based spokesman for Geely. Zhejiang was named last week by Ford as being the preferred bidder. The meeting will take place in Gothenburg and Stockholm this week and will be attended by Ford and Volvo officials, Volvo unions and Swedish government officials. Among the issues that would have to resolved is the transfer of Volvo's intellectual property rights. A Ford spokesman said that the company remains confident in its ability to protect its secrets because it overcame similar issues during the 2008 sale of Jaguar and Land Rover to Tata Motors Ltd. An insider source had said that Ford's decision to name Geely as a preferred bidder indicates that considerable progress has been made at this point.
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