Ford has confirmed in a press conference today that all substantive commercial terms regarding the sale of Volvo have been settled between the American firm and the Chinese buyer, Geely. In other words, the last arrangements to sell Volvo have been made.
The final agreement remains to be signed in the first quarter of 2010 with the closing of the sale likely to end in the second quarter of next year. However, Ford and Geely haven’t worked out the transaction completely as small points still remain to be settled between the two car manufacturers. Final documentation, financing and government approvals still have to be sorted out. Even after the sale will be made, Ford will still continue to cooperate with Volvo in the developing of their cars but they do not want to retain a stake in the Swedish manufacturer.
Further information will be made available once the deal is signed in the first quarter of 2010.