“Geely keeps silent on Volvo deal”

Published on March 23, 2010 by Tycho de Feijter

China’s government controlled English newspaper Global Times reports today that it is unable to get any comment from Geely after a report in the Financial Times yesterday about the Volvo-deal to complete by March 28. The company’s PR director, Yang Xueliang, “laughed after he heard the foreign report” and denied any knowledge of the deal. Global Times:

Citing three sources close to the deal, foreign media have reported that Geely will complete the Volvo deal with Ford as early as March 28, with $1.8 billion of purchase price and $750 million of working capital for the Volvo brand.
However, attempts to confirm the reports with Geely went unanswered.

Geely spokesman for the Volvo deal, Yuan Xiaolin, could not be reached by cell phone. “You can’t get in touch with him (Yuan) these days,” the company’s PR Director, Yang Xueliang, laughed after he heard the foreign report. “I haven’t got any information (about the deal).”

The company still hopes to complete the deal with Ford Motor to acquire Volvo by signing the sales and purchase agreement by the end of March and complete the deal in the second quarter.

More as it unfolds…

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  1. erik van ingen schenau- March 23, 2010 Reply

    One of the upperbobos, vice president Xi Jinping, seems to be in Sweden to sign the deal, on Sunday or Monday. Watch Xi Jinpings carreer: http://en.wikipedia.org/wiki/Xi_Jinping. Is he the new man in China?

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