Volvo Cars investing HK$2.59 billion (334 million USD) in the holding company. Ford Motor Company offered Volvo Cars for sale in December 2008, after suffering losses that year. On 28 October 2009, Ford confirmed that, after considering several offers, the preferred buyer of Volvo Cars was Zhejiang Geely Holding Group, the parent of Chinese motor manufacturer Geely Automobile. On 23 December 2009, Ford confirmed the terms of the sale to Geely had been settled. A definitive agreement was signed on 28 March 2010, for $1.8 billion. The European Commission and China's Ministry of Commerce approved the deal on 6 and 29 July
China Metallurgical Group Corporation China Metallurgical Group Corporation China Metallurgical Group Corporation (MCC, ), is a Chinese state-owned enterprise headquartered in Beijing, engaged in EPC (engineering, procurement and construction), natural resources exploitation, papermaking, equipment fabrication, real estate development. MCC is one of the largest equipment manufacturers in China, and the only state-owned enterprise that is authorized to run pulp-making and papermaking businesses in China and overseas. On December 8, 2015, MCC merged into China Minmetals, becoming its wholly owned subsidiary. China Metallurgical Group Corporation's subsidiary, Metallurgical Corporation of China Limited, co-invested by China Metallurgical Group Corporation and Baosteel Group Corporation (Baosteel Group), was established