Ford picks Geely as Volvo frontrunner

FORD named Zhejiang Geely Holding Group as preferred bidder for its loss-making Swedish unit Volvo in what could lead to the biggest overseas acquisition by China&rsquo;s fast-growing auto sector. <br /><br />Ford and privately owned Geely did not disclose a possible sale price for Volvo but it is thought to be closer to $2bn (&pound;1.3bn) than the $6.45bn Ford paid for Volvo in 1999. <br /><br />But it could be months before a final agreement. Ford named Tata Motors as preferred bidder for Jaguar and Land Rover in January 2008 and reached a final accord in March of that year.<br /><br />This sale is complicated because Volvo is closely woven into Ford&rsquo;s wider operations, undertaking much of the group&rsquo;s safety work.