China's Ministry of Commerce (MOC) has approved Geely Holding Group's move to acquire Volvo Cars from Ford Motor Co., MOC said Thursday.

MOC approved the 1.8 billion U.S. dollar deal Monday, an official with the ministry's publicity department said.

The acquisition is expected to be completed in the third quarter this year, said a Geely spokesman on condition of anonymity.

The deal had previously gained approval from the European Union and passed China's anti-monopoly procedures.

Geely's chairman Li Shufu will become chairman of Volvo Cars after the acquisition. Hans Olov Olsson, former Volvo president will be appointed its vice chairman, according to a Geely statement on July 15.

Geely and Ford signed the acquisition deal on March 28.