Zhejiang Geely Holding Group Chairman Li Shufu said that talks with Ford about the purchase of Volvo has hit a snag. The problems are on the Ford side but the sale is still expected to be completed.
"We're ready to seal the deal, the situation was changing constantly and the negotiation process very tough" said Li."If the deal fails, the problem is not on our side. We have not violated any part of the agreement," he said, without saying what the problems were.
Zhejiang Geely plan to complete the purchase of Volvo for up to $2 billion by May.
A spokesman for Geely said the company aims to sign the deal by the end of March and complete the purchase by the second quarter.