REPORT: Chinese government approves of Chery's bid to purchase Volvo
 

<p>Filed under: <a href="http://www.autoblog.com/category/china/" rel="tag">China</a>, <a href="http://www.autoblog.com/category/government-legal/" rel="tag">Government/Legal</a>, <a href="http://www.autoblog.com/category/volvo/" rel="tag">Volvo</a>, <a href="http://www.autoblog.com/category/chery/" rel="tag">Chery</a>, <a href="http://www.autoblog.com/category/rumormill/" rel="tag">Rumormill</a></p><a href="http://www.gasgoo.com/auto-news/1009554/Chery-Auto-given-greenlight-to-buy-Volvo-brand.html"><img vspace="4" hspace="4" border="o" align="right" alt="" src="http://www.blogcdn.com/www.autoblog.com/media/2009/03/volvo_chinese_sale_take_3 .jpg" /></a>If, like us, you've been following the <a href="http://www.autoblog.com/category/volvo/">Volvo saga</a> pretty closely, you'll remember that several Chinese companies are considered to be among the top bidders for the Swedish automaker when Ford officially opens the bidding. Although <a href="http://www.autoblog.com/2009/02/05/report-geely-denies-plans-to-buy-volvo/">Geely</a> has said they aren't interested, that didn't rule out other Chinese outfits.<br /><br />Well, today we have word via Chinese news reports that Chery, for one, has been given the greenlight to enter the Volvo lottery by the Chinese government. Other interested parties are rumored to be Dongfeng Motor Group and Chongqing Changan Automobile Co, along with a "European constellation," whatever that means. <br /><br />Ford is looking to recoup the bulk of its initial $6.45 billion investment when it sells Volvo, so that might put it out of Chery's league. But who knows? Chery Auto just got a 10 billion yuan ($1.47 billion) loan to help it grow globally and was also given a line of credit by the bank, so only time will tell.<br /><br />[Source: <a href="http://www.gasgoo.com/auto-news/1009554/Chery-Auto-given-greenlight-to-buy-Volvo-brand.html">Gasgoo</a>]<p style="padding:5px;backgr ound:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2009/03/06/report-chinese-government-approves-of-cherys-bid-to-purchase-v/">REPORT: Chinese government approves of Chery's bid to purchase Volvo</a> originally appeared on <a href="http://www.autoblog.com">Autoblo g</a> on Fri, 06 Mar 2009 17:57:00 EST. Please see our <a href="http://www.weblogsinc.com/feed-terms/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href="http://www.autoblog.com/2009/03/06/report-chinese-government-approves-of-cherys-bid-to-purchase-v/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/1480841/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2009/03/06/report-chinese-government-approves-of-cherys-bid-to-purchase-v/#comments" title="View reader comments on this entry">Comments</a>

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