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No progress made in Volvo takeover, Ford's CEO

(Xinhua)
Updated: 2009-09-27 14:17

No new progress has been made in the acquisition of Volvo by Geely as the two parties are still in negotiation, said Ford's CEO Allan Mulally Friday, at an opening ceremony of the company's new Ford plant in China's southwest Chongqing city.

Chinese auto maker Geely Automobile Holdings Ltd said on Sept 14 that its parent company Geely Holding Group Co is bidding for Ford Motor's Swedish car brand Volvo.

"Volvo is a good brand, but Ford will sell it in order to shift its main focus on developing the Ford brand," said Mulally.

Sources close to the takeover said the two parties have signed a confidentiality agreement, which forbids disclosure of the negotiation details from either of the parties.

Related readings:  Geely capital raising move may fund Volvo buyout bid  China's Geely plans joint bid for Volvo  As Geely eyes Volvo, sales surge in locally made model  Geely rallies post Goldman investment

The National Development and Reform Commission (NDRC), China's economic planner, confirmed with Xinhua Friday that it had granted a confirmation letter to Geely, allowing the company to conduct takeover talks with Volvo.

But to complete the final deal, Geely still needs to get approvals from the NDRC, the Ministry of Commerce and the State Council, if its takeover capital exceeds $50 million, according to China's current regulations.

Friday's Wall Street Journal said Geely would acquire 100 percent of Volvo for approximately $2.5 billion.

Geely Automobile Holdings Ltd said Wednesday in a statement that it had received an investment of HK$2.59 billion ($334 million) from Goldman Sachs, and the fund would be used for capital expenditure, working capital and potential acquisitions,

But its parent company denied the fund-raising was related to the Volvo takeover.