EU approved sale of Volvo to Chinese carmaker Geely

European Union competition regulators last Tuesday gave their approval for Ford Motor Co.’s sale of its Volvo premium car unit to Chinese carmaker Geely Automobile Holdings Ltd. and state-owned investment group Daqing.

In a statement, the European Commission said that after investigating, it came to the conclusion that the proposed agreement does not pose any significant obstruction to competition in Europe. Last March, the $1.8 billion takeover of Volvo by Geely was agreed on. To date, this agreement is
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