The Ford Motor Company said Wednesday that it had chosen a consortium led by the Chinese automaker, the Zhejiang Geely Group Holding, as its preferred bidder for Volvo.
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Although no final decisions had been made, Ford said that it would concentrate on Geely in its negotiations. Ford acquired Volvo for $6.45 billion in 1999.
“Ford’s objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties,” Ford’s chief financial officer, Lewis W.K. Booth, said in a statement.
“But there is much work that needs to be completed in the more substantive discussions that are agreed to take place,” Mr. Booth said. “We have no specific timeline to conclude the discussions.”
Ford said a year ago that it would sell Volvo so that it could focus on three main brands: Ford, Lincoln and Mercury.
Ford Says Geely of China Is Preferred Bidder for Volvo
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