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"17.03.2010 14:01
UPDATE 1-Geely, Ford say on track for Q1 Volvo deal signing
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LONDON/HONG KONG, March 17 (Reuters) - Zhejiang Geely Holding and Ford said they were still on track to sign a deal this month for Ford's Volvo cars unit, after a Chinese newspaper said Geely's planned $2 billion purchase faced hurdles.

Spokesmen for Ford and Geely said on Wednesday the plan remained to sign a sale and purchase agreement (SPA) by the end of this quarter, and to complete a deal in the second quarter.

Anders Fogel, a Stockholm-based spokesman for Geely, said the two sides were making progress 'according to plan' on the three key issues of legal documentation, financing, and regulatory and governmental approvals.

Earlier, China Daily, citing sources familiar with the matter, said 'unsolved obstacles and uncertainties' meant the two were yet to reach a definitive agreement and the Chinese firm faced financing and technology hurdles.

After the deal, Geely would have to spend at least $1.4 billion to finance car development and marketing, and whether the Chinese company would be able to secure the necessary funds was a major issue, China Daily added.

Zhejiang Geely is the parent of Hong Kong-listed Geely Automobile.

Geely, China's largest privately owned carmaker, had aimed to complete the purchase of Ford's Volvo unit for up to $2 billion by May, according to a document seen by Reuters.

(Reporting by Alison Leung in Hong Kong and Quentin Webb in London; Editing by Don Durfee and Will Waterman)

((alison.leung@thomsonreuters.com; +852 2843 6369; Reuters Messaging: alison.leung.reuters.com@reuters.net)) Keywords: GEELY/VOLVO

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

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© 2010 AFX News

www.finanznachrichten.de/...-for-q1-volvo-deal-signing-020.htm

Geely, China’s largest private automaker based on 2008 sales, wants to gain insights into Western vehicle development and manufacturing through buying a mainstream European brand.

Mulally, 64, said he sees about 40 percent of global auto sales coming from the Asia-Pacific region over the next 10 years, while 35 percent will be in the European region and 25 percent in the Americas.

“We are going to invest whatever we need to support Asia- Pacific,” Mulally said. “It’s clearly the highest growth market going forward.”

Ford gained U.S. market share last year for the first time since 1995 with new models such as the revamped Taurus sedan, while the predecessors of GM and Chrysler Group LLC reorganized in bankruptcy and received federal aid. Ford surpassed General Motors Co. last month to become the top-selling automaker in the U.S. for the first time since 1998.

Mulally broke ground in September on a $490 million small- car factory in Chongqing, Ford’s third assembly plant in China. Ford ranks 12th in the nation with 2.8 percent of sales, according to auto researcher J.D. Power & Associates. GM, which emerged from bankruptcy July 10, outsells Ford 3-to-1 in the country, building twice as many vehicles.

Ford gained 4.5 percent to $14.10 in New York trading yesterday.

--Editors: Kae Inoue, Ian Rowley

With assistance from Stephanie Wong in Shanghai

To contact the reporters on this story: Bruce Einhorn in Hong Kong at beinhorn1@bloomberg.net; Keith Naughton in Dearborn, Michigan, at Knaughton3@bloomberg.net

To contact the editor responsible for this story: Kae Inoue at kinoue@bloomberg.net"

www.businessweek.com/news/2010-03-18/...ations-continuing.html

Ford spokesman Mark Truby said today by e-mail, “Our plan remains to reach a sale agreement by the end of this month.”

“The ambition remains to get this done by the end of the month,” Anders Fogel, a partner at Brunswick Group in Stockholm who acts as a Geely spokesman.

Ford fell 9 cents, or less than 1 percent, to $13.90 at 4 p.m. in New York Stock Exchange composite trading. The shares have risen 40 percent this year, following a fourfold increase last year.

General Motors Co. last month failed to complete a sale of its Hummer line of sport-utility vehicles to Sichuan Tengzhong Heavy Industrial Machinery Co. after failing to win Chinese government approval, the Detroit-based automaker said. GM has said it will consider other bidders for Hummer, and may retire the brand.

In selling Volvo, Ford will lose its last global luxury brand, Wolkonowicz said. Ford’s Lincoln line is mainly U.S. Ford improved Volvo’s quality and expanded the brand’s model range without getting a return on its investment, Wolkonowicz said.

“Volvo was a money sink for Ford, which is why they really did need to get rid of it,” he said.

To contact the reporters on this story: Keith Naughton in Dearborn, Michigan, at Knaughton3@bloomberg.net; Ola Kinnander in Stockholm at okinnander@bloomberg.net.

Last Updated: March 23, 2010 16:15 EDT