Geely to ink deal on Volvo takeover

China's largest private car maker, Geely, is preparing to sign an agreement with Ford to buy the US auto giant's Volvo unit. The two companies plan to announce details of the deal at a news conference in Sweden.

The takeover marks China's biggest overseas auto purchase. A Volvo spokesman says the deal will not be closed for a number of months, probably in the third quarter.

The acquisition ends two years of talks over the sales of Volvo, which is the last to be sold under Ford's former premier group.

China's largest private car maker, Geely, is preparing to sign an agreement with Ford to buy the US auto giant's Volvo unit. The two companies plan to announce details of the deal at a news conference in Sweden.