HONG KONG, July 29 — The parent of China’s Geely Automobile was approved by China’s regulator to buy Ford’s Volvo unit, Bloomberg reported today, clearing one of the last remaining hurdles to the high-profile deal.

Shares of Geely Automobile jumped 11 per cent today, after Reuters and other media, citing unnamed sources, reported the company’s privately-held parent, Zhejiang Geely, would close

the high-profile purchase as soon as next week.

Bloomberg reported that China’s Ministry of Commerce, the main government overseer of major acquisitions, said it had approved the deal, paving the way for completion of the US$1.8 billion (RM5.7 billion) purchase agreed to in March.

Representatives of the Ministry of Commerce reached by Reuters could not confirm if the deal had been approved.

The purchase of Volvo by Geely, the world’s 27th largest automaker, represents the biggest acquisition of a brand from an established automaker by a Chinese company. — Reuters