Ford Motor yesterday named a consortium headed by Zhejiang Geely Holding Group Co as the preferred bidder for its Volvo Swedish brand, bringing the Chinese carmaking group a step closer to buying it.
Ford gave no price for Geely's bid, but two people familiar with it said the privately held group offered just under $2bn for Volvo.
The US and Chinese companies are also discussing a deal to see Geely take control from Ford of Volvo's captive finance operations, worth another $5bn to $6bn, one of these people said.
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