Filed under: China, Volvo, Earnings/Financials
Of the many suitors who have reportedly had at least a passing interest in acquiring the Volvo brand from Ford Motor Company, the
Volvo Group, BMW and Daimler have all publicly decided to pass on the opportunity. Many believe that a Chinese automaker will step up to the plate and purchase the Swedish brand known for safety, but now
Geely has withdrawn its name from the proceedings with the statement, "We don't have plans to buy Volvo as some media have reported." Well, fine then.
With Geely dropping out, SAIC
remains a possible Chinese suitor along with Changan Automobile Group, Dongfeng Motor Group and Chery Automobile, all of which have said that they are monitoring the situation, whatever that means. Renault has
recently emerged as a possible bidder as well. Ford is
rumored to be looking to get about $6 billion for Volvo, which is just about what the Blue Oval paid for it in 1999.
[Source:
Automotive News - sub. req'd]
REPORT: Geely denies plans to buy Volvo originally appeared on Autoblog on Thu, 05 Feb 2009 13:26:00 EST. Please see our terms for use of feeds.
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