China's Zhejiang Geely Holding Group Co. reached a deal with Ford Motor Co. (F) on intellectual-property rights in its bid for Volvo unit, reports said. Geely reportedly said it remained the preferred bidder for Volvo. Volvo will be able to use Ford's IPR that is needed for to continue its existing business plans.
Ford Motor said in October that it had chosen a consortium led by China's Zhejiang Geely Group Holding Co. Ltd. as its preferred bidder in the ongoing talks concerning the possible sale of its fully owned Volvo Car Corporation. According to Ford, Geely can be a responsible future owner of Volvo which will take the business forward while preserving its core values and the independence of the Swedish brand.
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