Volvo sale deal imminent

CHINESE firm Zhejiang Geely could sign a deal as early as tomorrow to buy Swedish carmaker Volvo from Ford.

Geely and Ford have earlier said that they expect to pen it by the end of March.

A Volvo spokesman yesterday said that the deal could be reached on Sunday, "but it's not set in stone yet", he cautioned.

The spokesman declined to comment on the price tag, but analysts have estimated the deal at about $2 billion (1.3bn).

Ford has been trying to sell Volvo since late 2008 to focus its resources on managing its core Ford, Lincoln and Mercury brands.

Geely, an independent carmaker that has struggled to upgrade its image in overseas markets, has long coveted a stronger foothold in Europe.