The Shanghai securities journal is reporting that Geely have received official notification from the NDRC (National development and reform committee) the official government organ for overseeing Chinese acquisitions totalling 100 millions USD or more.
Previously China Car Times learned from a Geely executive that Geely plans to keep Volvo as independent car business, but use Volvo’s expertise to further Geely’s technology and growth in the Chinese auto market.
Geely is expected to put in an offer of 2 billion RMB for Volvo, down from the 6 billion that Ford paid for Volvo several years ago. CCT has also been hearing rumours that Volvo maybe picked up for as little as 500 million cash, although that is likely to be untrue.
CCT will keep you updated with the latest, despite the naysayers saying otherwise.