July 22 (Reuters) - Chinese regulatory agencies are expected to approve soon Zhejiang Geely’s purchase of Volvo Cars, the final hurdle in the $1.8 billion deal signed in March.
Geely Chairman Li Shufu was appointed last week to be chairman of Volvo Cars, while a chief executive for loss-making Volvo would be appointed before the closure of the takeover, which is expected in the third quarter, Zhejiang Geely Holding Group, the parent of Geely Autombile, said in a statement.
Following is a TIMELINE tracing some of the proposed, failed or ongoing deals between Western car makers and Chinese companies reported over the last year:
June 3, 2009 - Little-known heavy machinery maker Sichuan Tengzhong Heavy Industrial Machinery unveils tentative deal to buy GM’s Hummer. [ID:nN02495245]
July 6, 2009 - Italian automaker Fiat FIA.MI agrees to 50:50 joint venture with Guangzhou Automobile Industry Group Co Ltd [GAIGPA.UL] to produce car engines in China. [ID:nRON004699]
July 23, 2009 - GM [GM.UL] rejects bid from Beijing Automotive Industry Holding Corp (BAIC) for its Opel brand; keeps talking to rival bidders.
Oct 9, 2009 - GM signs deal to sell Hummer to an investment partnership headed by China’s Tengzhong.
Oct 12, 2009 - Tengzhong seeks regulatory approval for Hummer buy; aims to close deal by early 2010. [ID:nHKG219405]
Oct 28, 2009 - Ford chooses Geely as preferred bidder for Volvo.
Dec 7, 2009 - GM in talks with BAIC about a partial sale of Saab assets, including tooling and technology. [ID:nN07182598]
Dec 14, 2009 - BAIC buys Saab assets, including intellectual property for its 9-5 and 9-3 sedans.
Dec 31, 2009 - Geely says has strong support from Chinese government to acquire Volvo. [ID:nTOE5BU021]
January 2009 - Ssangyong 003620 files for bankruptcy in South Korea, after posting four consecutive quarterly losses. SAIC Motor Corp <600104, China’s largest automaker, bought the South Korean SUV maker in October 2004 for $552 million.
Jan 26, 2010 - Geely to nearly double Volvo’s annual global output with a new factory in Beijing as part of its plan to pull Volvo out of the red by 2011, a source tells Reuters.
Feb 24, 2010 - Beijing rejects Tengzhong’s bid to buy Hummer, prompting GM to say it will wind down the brand.
March 28, 2010 - Zhejiang Geely Holding Group signs deal to buy Ford Motor’s (F.N) Volvo car unit for $1.8 billion, the country’s biggest overseas auto purchase.
July 6, 2010 - European Union regulators approve the acquisition.
July 15, 2010 - Zhejiang Geely says board chairman Li Shufu will also be chairman of Volvo Cars.