Geely frontrunner in Volvo bid
Ford is analyzing a bid by Chinese Geely to acquire 100 percent of Volvo for $2.5 billion.
| Related news: • Geely raises Goldman cash as Volvo bid mulled • Chinese Geely NOT interested in Volvo Cars • Chinese Geely wants to buy Volvo Cars • Swedish car-makers’ unions fear Chinese takeover |
Geely Holding Group Co, China’s biggest privately owned carmaker, has emerged as the leading contender to acquire Ford Motors’ Swedish car maker Volvo, Wall Street Journal said Friday, citing several people familiar with the matter.
Ford is currently analyzing Geely's bid of about $2.5 billion for 100 percent of Volvo, an offer that is higher than analysts had expected for the brand.
However, the Chinese automaker has proposed to leave behind Volvo's pension fund obligations, unwanted inventory and other substantial restructuring liabilities with Ford, making the deal worth less for Ford.
Ford acquired Volvo in 1999 for $6.45 billion from Volvo AB. Volvo has lost more than $1 billion in recent years.
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Last Updated (Friday, 25 September 2009 10:24)
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