Ford Moves Closer To Selling Off Volvo Unit

Law360, New York (October 28, 2009, 12:56 PM EDT) -- Ford Motor Co. said Wednesday that a consortium led by Zhejiang Geely Group Holding Co. Ltd. had become the preferred bidder in ongoing discussions to sell its Volvo car unit, but it cautioned that no final decisions had been made.

Dearborn, Mich.-based Ford said it would begin engaging in more detailed and focused negotiations with Geely, a Chinese automotive company, and that it would try to secure an agreement in the best interests of both parties.

“Any prospective sale would have to ensure that Volvo has...
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