Geely says Volvo to retain technology after purchase

Geely Holding Group Co, the Chinese carmaker in talks to buy Volvo Car Corp, said the Swedish company would retain ownership of technology following a sale by Ford Motor Co.

Geely, which is offering to buy 100 percent of Volvo, has financing in place for the deal, Yuan Xiaolin, a spokesman for the Chinese automaker, said on Friday in Beijing. Ford named Geely as preferred bidder for Volvo in October.

Intellectual-property protection remains a stumbling block in the takeover because Ford will continue supplying components following a sale. Similar patent concerns derailed Beijing Automotive Industry Holding Co's bid to buy General Motors Co's Opel unit, the Chinese carmaker's chairman said in July.