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Volvo sale deal signed by China’s carmaker Geely

The Chinese carmaker Geely has signed a deal to buy Volvo from US car giant Ford for USD1.8 billion.

The agreement, which was first announced in December, is the biggest overseas purchase by a Chinese car manufacturer.

"Today represents a milestone for Geely," says the company’s chairman Li Shufu.

Loss-making Volvo has been on the market since 2008, when Ford put it and several other brands up for sale.

(Source: BBC News)