Geely buys Volvo in biggest overseas foray
![Geely buys Volvo in biggest overseas foray](../../attachement/jpg/site1/20100329/00221917e13e0d1a32ca06.jpg)
BEIJING - Zhejiang Geely Holding Group, China's No 10 automaker, sealed a binding deal on Sunday to buy ailing Swedish luxury car brand Volvo from US giant Ford for $1.8 billion.
"Today represents a milestone in the history of Geely," Geely Chairman Li Shufu told a news conference, adding that Volvo will remain a separate company with its own management team based in Sweden.
The agreement was signed between the two automakers in Goteborg, Sweden.
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