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Updated Friday, July 30, 2010 10:54 am TWN, AP

China government approves Geely acquisition of Volvo

BEIJING -- Geely Holding Group has received final Chinese government approval to acquire Volvo Cars from Ford Motor Co., the Commerce Ministry said Thursday. Commerce officials approved the US$1.8 billion deal Monday, said a ministry spokesman contacted by phone who refused to give his name. He said other agencies already have signed off on it.

A Geely spokesman, Ning Shuyong, declined to confirm whether the approval process was complete or give details of the status of the acquisition.

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