Although no decision has yet been made, Ford announced on Wednesday, October 28 that the Geely Group Holding Co. of China is its preferred bidder for the purchase of the Volvo Car Corp.

In a company statement, Ford Chief Financial Officer Lewis booth said, "Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand."

Although Ford has no plains to retain any percentage of Volvo shares, the company will apparently continue to work with the automaker after the sale in several undisclosed areas.

Media reports place the proposed sale price at near $2 billion. Ford paid $6.45 billion in 1999. Attempts to sell the brand have been ongoing since December 2008 and most recently disagreements over intellectual property issues threatened to derail progress in negotiations with Geely.

Months could pass, however, before a final deal is concluded. When Ford named Tata Motors of India as the preferred bidder for Jaguar and land Rover in January 2008, the final sale did not take place until March.

Geely, a privately owned firmed, is not the only Chinese entity looking to acquire brands in the wake of the American automotive decline. Tenzhong, a smaller firm, is hoping to ink a deal with General Motors early in 2010 to acquire Hummer.