China And Sweden Go Head To Head Over Volvo
Posted by Neil Payne on October 29th, 2009Konsortium Jakob AB, the Swedish investor that wants to buy Volvo Cars from Ford Motor Co., aims to make a bid by end of this week, the head of the group said.
“We’re in serious discussions with our investors about making an offer,” Jakob Chief Executive Officer Peder Fast said in a phone interview today from Gothenburg, Sweden, where Volvo is based. Fast, a Volvo engineer, declined to identify the partners or say how much the group is prepared to offer.
Rivals bidding for Volvo
Ford said yesterday it has narrowed talks on the sale of Volvo to one bidder, China’s Zhejiang Geely Holding Group Co. Ford hasn’t made a final decision and has “no specific timeline” to conclude the discussions, the Dearborn, Michigan- based automaker said.
Geely is prepared to pay about $2 billion for Volvo, less than a third of Ford’s purchase price a decade ago, people familiar with the talks have said.
“My understanding is this isn’t just about the amount,” Fast said, adding that his group has an “open dialogue” with Ford. “There are many factors to consider, such as long-term industrial cooperation and intangible rights.”
Read More>Bloomberg
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