Geely may complete Volvo purchase by May

Zhejiang Geely Holdings, the parent company of carmaker Geely Automobile, aims to sign an agreement to buy Ford's Volvo unit by Feb 8 and complete the transaction in May, according to media reports yesterday.

The two sides are in final discussions over relevant legal documents, Yuan Xiaolin, Geely's spokesman for the Volvo deal, told Shanghai Securities News.

The report also quoted Yin Daqing, vice-president and chief financial officer of Geely, as saying the deal is likely to be signed before the Lunar New Year, which falls on Feb 14.