From BLOOMBERG: —
Zhejiang Geely Holding Co. agreed to buy Volvo Cars from Ford Motor Co. for $1.8 billion in the biggest overseas acquisition by a Chinese automaker.
The deal will close in the third quarter, after which Ford and Volvo will continue to cooperate, Ford Chief Financial Officer Lewis Booth told reporters today in Gothenburg, Sweden. The Chinese company will pay $1.6 billion in cash and the rest in a “note,” Ford said in a statement…
Ford has said it and Volvo will continue to share parts and technology. The Swedish carmaker’s S40 model is built on the mechanical foundation of the Ford Focus now sold in Europe. Volvo supplies diesel engines for Ford’s European lineup…
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