YORK Ford December 23 at his home in Michigan City, headquarters of Double announced it has agreed with Zhejiang Geely Holding Group Co.,rolex watches, Ltd. to sell its Volvo brand, all the substantive commercial terms agreed upon.

Ford said that although there is still the final legal text,Breitling Watches, funding and government approval,tag heuer watches, etc. needs to be done,replica watches, but the two sides expected that the final sale agreement will be signed next year,replica watches, a quarter,omega watches, in obtaining regulatory approvals,Cartier Watches, the entire transaction 2 quarter of next year.

Volvo for funding this transaction will allow to consolidate and develop existing business and construction worldwide franchise business,replica watches, and Ford will continue to focus on the implementation of its core,rolex watches, "a Ford" strategy. Ford said it will continue to cooperate with the Volvo,TAG Heuer Watches, but will not consider holding a stake in Volvo.

Subsequently, Geely said in a statement that in commercial terms of the agreement has been reached, is unlucky in October this year to become the preferred bidder Volvo and Ford since the results of an in-depth discussions.

Geely said Geely and Volvo management, union representatives,rolex watches, as well as the main Volvo factory in Sweden and Belgium, the seat of government officials carried out a series of constructive meetings. For more details on the transaction will be signed next year, a quarter stake in the acquisition agreement announced.

Zhejiang Geely Holding Group Chairman Li Shufu said,breitling watches, "Geely will work with all stakeholders to work together to complete one of the most interest of all parties of the deal."

the evening, Mr. Li was elected Man of the Year 2009C CTV China's economy, and in an interview with reporters,rolex watches, said to be mass-produced in China,rolex watches, Volvo cars, make it well through the auspicious development.

Chinese Academy of Social Sciences Institute of Industrial Economics Zhao Ying, director of industrial development that this is China's auto companies trying to go overseas again, but there is a lesson for the failure of SAIC takeover of Ssangyong,Omega Watches, so for the acquisition of effects also need to carefully observe "the completion of mergers and acquisitions do not represent success." he said.

Zealous in March of this year's "two sessions" during the acquisition of Volvo's denial. However,tag heuer watches, sources said,cartier watches, as early as September 2007,tag heuer watches, Geely had sent letters to the Ford headquarters in the United States,cartier watches, expressing the idea of acquisition of Volvo. In 2007, Mr. Li to engage a British Petroleum (BP) of the financial audit division P eterZhang responsible for matters relating to acquisition of Volvo. Then invited the former president of Volvo Olsson to serve as consultants. In several large-scale Motor Show,tag heuer watches, Mr. Li also has many times with the Ford Motor Company Chairman Bill? Ford met. Meanwhile, Geely also employed in Europe and the world renowned British Rothschild family's financial companies to become one of its think tank, in addition to the introduction of Goldman Sachs as its strategic investors. At the same time,breitling watches, despite the offer 300 million U.S. dollars in a symbolic bid that was eliminated in the first round,cartier watches, and Mr. Li was involved in the sale of Jaguar, Land Rover bid,cartier watches, and has accumulated experience in mergers and acquisitions.

until October 28, unlucky for the first time publicly acknowledged being involved in the acquisition of Volvo,omega watches; by the end of November,replica watches, Geely Automobile,omega watches, Wang Zi-liang, vice president, confirmed to the media: "In this part of overseas development strategy,breitling watches, Geely has been state support. "in 2006 and Manganese Bronze company's joint venture,replica watches, as well as in early 2009 acquisition of D SI projects, from project approval, and other dimensions of Geely have received the support of the government and domestic banks.