Geely to Take Control of All Volvo Technologies

Geely will take control of a 100 percent stake in Volvo, despite reports that Ford wanted to keep some technologies developed by the Swedish unit. Citing a Geely top executive, gasgoo.com reported that the Chinese company will thus purchase all factories, cars and parts, R&D centers, production lines and the rest of the assets, even through Ford was planning to keep some hybrid technologies developed by Volvo and Vattenfall.

Ford and Geely have already signed a preliminary agreement on Volvo, with the sale due to be concluded in the first quarter of this year. However, sources close to the matter are hinting that the final signature could be given by February 8, which basically means that an announcement might emerge this week.

"While some work still remains to be completed before signing – including final documentation, financing and government approvals – Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals," Ford said in a statement in December when announcing the deal.

Curiously, Volvo's CEO Stephen Odell said in a statement two weeks ago that his company is still up for grabs if any other investor expresses interest.

"I know that Ford is open to talking with others," he told the Swedish newspaper Dagens Industri according to Reuters. "Those who say that the door is closed can go to Ford and talk with them whenever they want."