Sources in China say that Geely aims to conclude the acquisition of Ford's Volvo Car division in early 2010 and has hired consultants for restructuring and integration.

Consulting firms have reportedly been hired to work on necessary restructuring and integration measures for the post-acquisition period.

Chinese sources say that the acquisition is expected to be done before the start of the next Chinese New Year (February 14).

Ford has selected Geely as the preferred bidder for Volvo Car and Geely is borrowing up to US$1bn in total from Chinese banks to finance the deal.

At least three major banks including Bank of China, China Construction Bank and Export-Import Bank of China have agreed to extend loans to Geely.

Earlier this month Geely shares soared when the company said it expected to make 400,000 cars in 2010, around a third up on 2009.