Breaking news: Geely okayed by gov't to buy Volvo

Shanghai, February 5 (Gasgoo.com) Chinese car maker Geely Automobile Holdings Ltd has already received approval from the country's top economic planner to study the acquisition of Volvo, media reports said today.

Citing three people familiar with the deal, Bloomberg News reported that "Geely has received permission from China's National Development and Reform Commission to study the acquisition."

The source said Geely has also got commitments from Export- Import Bank of China to provide the necessary financing for the acquisition.

In response to the Gasgoo.com's telephone inquiry this afternoon about this matter, Geely spokesman Zhang Xiaodong denied any knowledge of it while Mr. Yang Jian, an executive director of the company, declined to comment, either.

Ford will likely get less than the $6.4 billion it paid for Sweden-based Volvo in 1999, the Bloomberg report said, citing one of the three people under the condition of anonymity. Ford has also approached Chinese automakers Chery Automobile Co. and Chongqing Changan Automobile Co., the sources said.