Li consummates his love of Volvo

To Li Shufu, chairman of Zhejiang Geely Holdings Group, his pursuit of Swedish luxury brand Volvo is the story of a swain courting a princess.

Last month when the Zhejiang-based Geely settled commercial terms to buy the Sweden-based Volvo division from US company Ford for an estimated price of $2 billion, the Chinese businessman finally received a nod of approval from his regal heartthrob.

Li Shufu started viewing Volvo as a potential acquisition target in 2002 shortly after securing a license to produce cars. This was four years after the former refrigerator plant manager and his workers developed China's first car made by a private automaker.