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BRUSSELS — The purchase of Volvo Cars by Zhejiang Geely Holding Co. came one step closer to fruition on Tuesday with the transaction getting the go-ahead from the European Union, according to various reports.

The $1.8 billion deal for Geely to buy the Swedish brand from Ford apparently does not present any antitrust issues in the EU's eyes.

The EU's stance is that neither Ford nor Geely would have any unfair powers against their competitors because of the deal.

Ford inked the deal with Geely to buy Volvo back in March.

"Volvo is a great brand with an excellent product lineup. This agreement provides a solid foundation for Volvo to continue to build its business under Geely's ownership," Ford president and chief executive officer Alan Mulally said at the time.

"At the same time, the sale of Volvo will allow us to further sharpen our focus on building the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world," Mulally continued.