Ford Motor Co. recently announced it was close to finalizing a deal to sell its Volvo brand to Zhejiang Geely Holding Group Co. Ltd., one of China's largest private automakers.

On the company website, Ford confirmed that "all substantive commercial terms relating to the potential sale of Volvo have been settled," but added that "some work still remains to be completed before signing—including final documentation, financing and government approvals."

The value of the deal, which Ford said it expects to sign in the first quarter of 2010, has been estimated at nearly $2 billion, about one third of the price Ford spent to acquire Volvo in 1999.