Large Medium Small |
The privately held parent of China's Geely Automobile Holdings Ltd will announce on Monday that it has closed its $1.8 billion purchase of Ford Motor Co's Volvo unit, a source with direct knowledge of the matter said, capping China's biggest purchase ever of a foreign carmaker.
|
Geely Chairman Li Shufu has already been named chairman of Volvo, and German media reported last month that Stefan Jacoby, a former North American executive of Volkswagen AG, had been hired to become Volvo's new chief executive.
Hong Kong-listed shares of Geely Automobile were up 0.34 percent in early trade, trailing a 1 percent rise in the Hang Seng Index.