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Volvo sale deal hits snag, Geely chairman tells paper

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Volvo sale deal hits snag, Geely chairman tells paper

March 19, 2010 06:01 CET

HONG KONG (Reuters) -- Zhejiang Geely Holding Group Chairman Li Shufu indicated talks to buy Ford's Volvo car unit had hit a snag due to problems at Ford Motor Co., but continues to expect to complete the deal, a newspaper report said on Friday.

"We're ready to seal the deal," Li told the Wall Street Journal on the sidelines of a ceremony at a company-affiliated university in Beijing.

Li said the situation was changing constantly and the negotiation process very tough.

"If the deal fails, the problem is not on our side. We have not violated any part of the agreement," he said, without specifying what the problems were.

Zhejiang Geely, the parent of Geely Automobile, had aimed to complete the purchase of Volvo for up to $2 billion by May, according to a document seen by Reuters.

Geely's spokesman told Reuters on Friday that the company's aim to sign a sales and purchase agreement by the end of March and complete the deal in the second quarter had not changed.

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