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 per cent of Volvo, has financing in place for the deal, Yuan Xiaolin, a spokesman for the Chinese automaker, said today 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 had said in July.
