REPORT: Former Volvo directors and politicians fear sale to BAIC

�� · #1 14-12-2009, 05:20 PM

Back in October, Ford anointed China's Geely Holding Group as its preferred bidder for Swedish Automaker Volvo. The move made perfect sense for Ford, simply because Geely was offering money and the recent happenings in the auto industry proved that, beyond the shadow of a doubt, you can never have too much money. But it should come as a surprise of nobody that there is a significant delegation of past and present members of Volvo management that aren't all that thrilled with being engulfed by an up and coming Chinese company.

Sweden news site The Local is reporting that eight former Volvo directors have collaborated on a letter to Ford Chairman Bill Ford Jr. asking the Blue Oval to reconsider a sale to Geely. The letter reportedly states that Geely doesn't have the technical competence to keep the Swedish automaker going. The letter also allegedly stated that Volvo is concerned about technical details being leaked to Geely -- a situation Ford likely wouldn't be too happy with.

While past Volvo directors appear to be very concerned about the prospect of Geely taking over the company, current Volvo management is speaking out in favor of the deal. That's probably a good idea considering the real possibility that the Chinese automaker could soon be the masters of the current management's future with the safety-oriented automaker. Politicians are getting in on the debate as well, as democrats are reportedly likening ceding control of Volvo to Geely to selling the company to China and to Communism.

[Source: The Local | Image: Olivier MorinN/Getty/AFP]

REPORT: Former Volvo directors and politicians fear sale to BAIC originally appeared on Autoblog on Mon, 14 Dec 2009 08:59:00 EST. Please see our terms for use of feeds.

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