Ford Motor will sign a deal to sell its Volvo cars business to Zhejiang Geely Holding Group as soon as this Sunday, three people close to the transaction said yesterday.
The Chinese carmaker will pay $1.8bn for Volvo. Another $750m of working capital is being raised for the Swedish marque.
About half of the financing for the overall deal is due to come from European banks and the other half from China, according to one of the people, who declined to be named because the announcement was pending.
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