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U.S. automaker Ford Motor Co. and Geely reached a key agreement in negotiations for the Chinese automaker to acquire the Volvo brand, a Geely spokesman said.
A Geely spokesman in China said the automaker had reached a key agreement with Ford Motor Co. for it to purchase the Swedish car company.
The spokesman for Zhejiang Geely Holding Group said the two companies had reached agreement for Geely to take ownership of Volvo technology and intellectual property, the Detroit Free Press reported Friday.
"Any agreement we reach with Geely would take into account issues such as intellectual property rights and protections," Ford spokesman John Gardiner said in an e-mail.
Ford had been shopping its Volvo holdings for about a year. It purchased the Swedish brand in 1999 for $6.4 billion. From January through June, however, Ford lost $231 million on the brand, a pretax loss nearly double the $120 million it lost with Volvo in the first six months of 2008.
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