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Geely Holding Group has agreed with Ford
Geely, Ford agree on Volvo intellectual property issues-report
Posted on Monday, November 30th, 2009 at 1:09 PM EST. (Employee News)
Zhejiang Geely Holding Group has agreed with Ford Motor Co. on intellectual property rights issues in its bid for Volvo, clearing a major barrier to acquire the Swedish luxury car brand, Chinese state media reported, Reuters said.
The parent of Geely Automobile was tagged as the preferred bidder by Ford and aimed to buy the U.S carmaker’s Volvo unit outright, an Xinhua news agency reported. The report said Geely would obtain Volvo’s key technologies and intellectual property through the acquisition and would also be eligible to use some Ford technologies held by Volvo, including those relating to safety and environmental protection, the news service said.
Intellectual property rights have been seen as a key issue hindering Chinese carmakers from taking over struggling overseas automakers, the report said. China’s Beijing Auto cited intellectual property as the reason behind its failure to reach a deal with General Motors Co. over its Opel unit in July, the story said. (Reuters)
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