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Volvo set for sale to Chinese manufacturer

Date: 24 December 2009

Volvo is to be sold by parent company Ford, which has confirmed a definitive sale agreement will be signed in the first quarter of 2010 ahead of the sale to Chinese firm Zhejiang Geely Holding Group Company Limited being closed before the halfway point in the year.

Swedish carmakers are having an interesting month, though Volvo has avoided the peril Saab has found itself with parent company General Motors, with talks currently ongoing to try and save the brand from closure.

More details on Ford's sale decision, which should bring to an end a long-running move to sell-off the brand, should be confirmed in the first quarter of 2010.

The sale ends Ford's ambitions of empire building, having already disposed of Land Rover, Jaguar and Aston Martin in recent times.