Geely says Volvo to retain technology after purchase
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(China Daily/agencies) Updated: 2009-11-28 07:27
Geely Holding Group Co, the Chinese carmaker in talks to buy Volvo Car Corp, said the Swedish company would retain ownership of technology following a sale by Ford Motor Co.
Geely, which is offering to buy 100 percent of Volvo, has financing in place for the deal, Yuan Xiaolin, a spokesman for the Chinese automaker, said on Friday in Beijing. Ford named Geely as preferred bidder for Volvo in October.
Intellectual-property protection remains a stumbling block in the takeover because Ford will continue supplying components following a sale. Similar patent concerns derailed Beijing Automotive Industry Holding Co's bid to buy General Motors Co's Opel unit, the Chinese carmaker's chairman said in July.
Related readings: Potholes in Geely's road to Volvo buy-in Geely, up on Volvo bidder tag, faces uphill task Geely named preferred bidder for Volvo Geely, Ford talks for Volvo unit may 'fall apart'
Geely is prepared to pay about $2 billion for Volvo, less than a third of what Ford paid a decade ago, people familiar with the talks have said. Dearborn, Michigan-based Ford plans to sell the unit to focus on its main Ford brand.
Geely Group, China's biggest private automaker, boosted 10 month revenue 26 percent to 14.9 billion yuan, spokesman Wang Ziliang said on Friday. Vehicle sales rose 45 percent to more than 200,000, he said.
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