UPDATE 1 — China approves Geely acquisition of 34% of Ford España

(Adds details of July announcement; paragraph 2) BEIJING, Oct 12 (Reuters) — China's market regulator has unconditionally approved Geely's acquisition of 34% of Ford Motor's Spanish subsidiary Ford España, it said on Monday. In July the companies said Geely would build two electric SUVs at Ford’s factory in Valencia, Spain, and they would together develop a vehicle under a newly formed joint venture. The JV is to be 66% owned by Ford and 34% owned by Geely, the companies added. (Reporting by Beijing Newsroom; Editing by Louise Heavens and David Dolan) ((yukun.zhang@thomsonreuters.com)