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China approves Geely's plan to buy Volvo -Xinhua
SHANGHAI, July 29 |
SHANGHAI, July 29 (Reuters) - China's Ministry of Commerce has approved a plan by the parent of Geely Automobile (0175.HK) to acquire Ford's (F.N) Volvo unit, the official Xinhua news agency said on Thursday.
The ministry approved the $1.8 billion deal on Monday, an official with the ministry's publicity department was quoted as saying.
The acquisition is expected to be completed in the third quarter this year, Xinhua also quoted a Geely spokesman as saying, without identifying the executive who was speaking on condition of anonymity. (Reporting by Jacqueline Wong; Editing by David Holmes)
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