Geely Buy Volvo

Chinese carmaker Geely is to buy former Swedish brand Volvo from current owners Ford. The entire venture is expected to be settled by the summer next year. The rumours had been circulation in the previous days, until the confirmation finally came around noon on Wednesday Swedish time. After a decade of American ownership, U.S. carmaker Ford said it is on the verge of closing a deal to sell its Swedish brand Volvo Cars to China's Geely. The deal will be sealed sometime in the second quarter of 2010. In a statement, Ford announced it did not expect to retain a stake in the Swedish unit after the sale.