According to sources familiar with the talks, Ford Motor Company’s sale of its Volvo brand may be imminent as Geely Holding Group, China’s largest private automaker, reviews Ford’s books alongside two other bidders, Bloomberg reported. The sources claimed Geely officials visited Volvo’s factory in Sweden last month. The news contradicts an official statement by Geely in February that it had no interest in Volvo, but in March, unidentified sources said Geely was preparing a bid nevertheless. Ford wants to sell Volvo for US$2 billion, less than a third of what it paid for the acquisition ten years ago. In April, Geely announced its 2008 net profit increased by 190.6%. The Volvo acquisition would be Geely’s third foreign purchase. In March, Geely said it would pay $32.9 million to buy Drivetrain Systems International, the second-biggest independent automatic transmission maker in the world. Geely has also invested US$101 million in Manganese Bronze Holdings, the maker of London’s black cabs.
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