The European Commission has approved Chinese carmaker Geely to buy Volvo. The Commission said it sees no antitrust problems with Geely's acquisition of Volvo Cars from Ford Motor, because the takeover won't give either company the power to damage rivals.

Geely, a privately-run company, currently sells a vast majority of its passenger cars in China. Geely is expected to complete the purchase of Volvo in the third quarter of this year.