Premier Automotive Group preferred buyer of Volvo Cars by Ford. On 23 December 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. Geely signed a deal with Ford to acquire Volvo Cars for $1.8 billion on 28 March 2010 and closed the deal on 2 August 2010. <ref name="www.ford.com/about-ford/news-announcements"></ref> Premier Automotive Group The Premier Automotive Group (PAG) was an organizational division within the Ford Motor Company formed in 1999 to oversee the business operations of Ford's high-end automotive marques. The PAG was gradually dismantled from 2006 to 2010 with the divestiture of its constituent brands. The
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