Volvo Sold to Geely by February 8

Just like its Swedish neighbor Saab, Volvo is currently involved in a complicated selling process that has until now reached several critical milestones. A new one is to be achieved on February 8, if the latest rumors on the matter are indeed true: Ford is looking to sell Volvo by early February, a move that will transfer around $1.8 billion into its accounts.

Obviously, both companies are still tight-lipped when it comes to this particular subject which, in most cases, is the first sign that there might be some truth behind the report.

Ford and Geely reached an agreement in December last year, with the final signature expected to come in the first months of 2010. However, both companies refused to provide details on the terms of the deal.

"Ford Motor confirmed today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding Group Company Limited," a Ford announcement was informing back in December.

"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."

On the other hand, Volvo CEO Stephen Odell told the Dagens Industri newspaper earlier this month that the Swedish 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 newspaper according to Reuters. "Those who say that the door is closed can go to Ford and talk with them whenever they want."