Cars

Geely to announce completion of Volvo buy: source

(Agencies)
Updated: 2010-08-02 10:56

The privately held parent of China's Geely Automobile Holdings Ltd will announce on Monday that it has closed its $1.8 billion purchase of Ford Motor Co's Volvo unit, a source with direct knowledge of the matter said, capping China's biggest purchase ever of a foreign carmaker.

Related readings:  Geely gets govt nod for Volvo buy  Geely may complete Volvo purchase next week  Geely chairman to head board at Volvo Cars  EU OKs Chinese carmaker Geely's takeover of Volvo

Geely said last week that it had received all necessary government approvals for the landmark deal, including from the commerce ministry and the state planner.

Geely Chairman Li Shufu has already been named chairman of Volvo, and German media reported last month that Stefan Jacoby, a former North American executive of Volkswagen AG, had been hired to become Volvo's new chief executive.

Hong Kong-listed shares of Geely Automobile were up 0.34 percent in early trade, trailing a 1 percent rise in the Hang Seng Index.