Zhejiang Geely Holding Group has reached agreement with Ford on intellectual property rights issues in its bid for Volvo.
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The agreement removes a major barrier in the bid to complete the sale of Volvo by Ford to the Chinese automaker. If the deal goes through, Geely will take control of all technologies developed exclusively by Volvo, according to a Geely spokesman.
Volvo will continue to have access to any Ford technologies crucial to the development of the brand, including those relating to safety and environmental protection. Geely will not have access or any ownership rights to those Ford technologies, the spokesman told Reuters.
Geely was named by Ford as a preferred bidder for its Swedish car unit last month although intellectual property rights have been seen as a key issue in the negotiations.
