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Report: Geely to buy Volvo for under $300 million

From NextAutos.com| August 03 , 2009 09:58 BJT

Rumor has it that the Chinese central government has given Geely the go-ahead to buy Volvo from Ford.

The Shanghai securities journal has stated that Geely has received the green signal from the National Development and Reform Committee (NDRC) which is the official government institutethat oversees Chinese acquisitions totally $100 million or more.

Geely is expected to put in an offer of $293 million for Volvo. China Car Times states that Geely plans to keep Volvo as an independent business but use Volvo’s skills and expertise to improve on Geely’s technology.

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