 |
The Chinese fund is based in the oil-rich city of Daqing, in China's northeast, the daily reported.
"The regional state fund is Geely's external financial partner," Anders Fogel, Geely's spokesman in Sweden, told the newspaper.
"We can't immediately say what percentages the partners will have in Volvo cars," he added.
According to Dagens Industri, quoting sources close to the deal, the purchase will be finalised in August.
Sweden's TV4 television said Daqing would take a 40 percent stake in the carmaker.
Volvo cars has been a separate company from Sweden's Volvo Group, which makes trucks, buses and boat and aircraft equipment, since its 1999 sale to U.S. car giant Ford.
On March 28, Ford announced it had agreed to sell Volvo to Geely for 1.8 billion dollars, almost four times less than what it had paid for the brand 11 years earlier.
Geely has said it had plans to expand Volvo's presence in China, now the world's largest car market.
 del.icio.us |
 Digg |
 Reddit |
 YahooMyWeb |
 Google |
 Facebook |
Toyota says China car assembly plant remains idle| The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |