Volvo hopes to take control of a mainland construction machinery maker as early as this month in a deal that may be worth at least 984.3 million yuan, marking the latest foreign advance in the fast-growing construction gear market, The Standard reported. "We've initially agreed to bring in Volvo as a majority shareholder," an executive at Shandong Lingong Machinery said Monday. "The deal could be finalized later this month or in early September." He said Volvo would not make immediate significant changes to Lingong's product portfolio or management team if and when a deal is reached. China is spending billions of dollars to upgrade infrastructure, fueling demand for mining and construction gear and attracting firms such as Terex and Hyundai Engineering & Construction, wrote the paper.