Geely to buy Volvo Cars from Ford

The Detroit Free Press reported Geely Chairman Li Shufu, Volvo Cars President and Chief Executive Officer Stephen Odell and Ford Chief Financial Officer Lewis Booth made the announcement.

The news came at an event at Volvo's headquarters in Gothenburg, Sweden, the newspaper said.

Booth said Ford expects the sale will close before Sept. 30, and after the sale Ford will continue to cooperate with Volvo Cars in several areas for a smooth transition, but will not retain any ownership in the business.

"Today is a milestone in the history of Geely and the future of Volvo Car Corp.," Shufu said, the Free Press reported.

He added Volvo will continue to be run by Volvo's management team.

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