Geely may pay less than $1.6b for Volvo

China's largest privately-owned car maker Geely will pay even less than $1.6 billion for Volvo, the Economic Observer reported on Monday, citing an unnamed source.

The source added that Volvo would not cost Geely more than $1.8 billion.

The net assets of Volvo to be bought by Greely were evaluated at $1.5 billion. In 1999, Volvo cost Ford $6.45 billion.

The deal will be signed on February 8, but subject to changes, according to the source.

(Source: China Daily)