Geely, Ford unlikely to sign Volvo deal by Feb. 14

Shanghai, February 9 (Gasgoo.com) Zhejiang Geely Holding Group and Ford Motor are unlikely to sign a deal on Ford's sale of its Volvo unit to Geely by the upcoming Chinese New Year on Feb. 14, Bloomberg reported today, citing people familiar with the talks.

Financing and details in the signing documents have hindered the negotiations, said an insider. Ford CFO Lewis Booth did not go to London for a signing last weekend. Still, both automakers expect the deal to be signed by March 31 and completed by June 30, the sources said.

Two weeks ago media said the two companies were planning a fast-track signing of the Volvo deal by the Lunar New Year, a spring holiday in China. Geely, based in Hangzhou, China, is expected to pay almost $2 billion for Volvo, which Ford acquired in 1999 for $6.5 billion.

Details are being worked out on how long Ford will supply engines and other components to Volvo. Volvo also supplies diesel engines for Ford's European models. Several Ford and Volvo models share platforms, such as the Volvo S40 based on a Ford Focus.

Geely is "aiming to sign the deal by the end of first quarter and finish the sale by June 30," said spokesman Yuan Xiaolin. "As we approach the final stage, we are currently focusing on finalizing legal documentation."