BEIJING — China's Zhejiang Geely Holding Group Co. Chairman Li Shufu said he continues to expect to complete Geely's effort to acquire Ford Motor Co.'s unprofitable Volvo unit but indicated the talks have hit a snag because of unspecified problems at Ford, The Wall Street Journal reported. Li said the automaker has "done everything [it] can to prepare for the deal in accordance with the framework agreement" the two auto makers signed in December to allow Geely to acquire Ford's Swedish brand. The ball is now in Ford's court, he indicated. "We're ready to seal the deal," Li said on the sidelines of a ceremony to launch cooperation in automotive talent development between Geely and a company-affiliated university in Beijing. "If the deal fails, the problem is not on our side. We have not violated any part of the agreement." Li said he still expects to complete the deal, but his tone was cautious. "The situation is changing constantly...and the process of the negotiation is very tough," he said as he sat for a break between speeches at Beijing Geely University. "We will put as much effort as we can. I hope the deal can be done."
Geely Says Volvo Talks Hit Snag
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