Chinese Geely NOT interested in Volvo Cars
Chinese car maker Geely has withdrawn its offer to buy Ford Motor's Sweden-based Volvo Cars.
| Related news: • Chinese Geely wants to buy Volvo Cars • Swedish car-makers’ unions fear Chinese takeover |
Geely Automobile, China’s biggest privately owned carmaker, said last week it was interested in buying 100 percent of Volvo Cars. Now all such plans have been scrapped.
Managers at Volvo Cars in Gothenburg have been informed by officials at Ford that the Chinese company never intended to make such an offer.
“They explained over the weekend that they have never made such a statement,” Stephen Odell told business daily Dagens Industri.
Last week Geely Automobile's CEO Gui Shengyue said that its parent Geely Holding Group were interested in full ownership of Volvo. The newspaper pointed out that Gui Shengyue spoke on behalf of the entire Geely Group although he's only head of one of its subsidiaries, making the statement out of the ordinary.
A number of Swedish unions have been worried about the Chinese take-over of Volvo as they fear that exclusive technology will be snitched and used in less advanced Chinese vehicles. The unions are also worried that Swedish jobs would disappear to China.
| • SIGN UP FOR FREE NEWSLETTER • ALL BREAKING NEWS ON TWITTER |
Last Updated (Wednesday, 16 September 2009 09:07)
DNO oil shares slump on Kurdish wrangle
Shares in DNO, a small Norwegian oil company, fell by nearly half on Thursday after Kurdish authorities suspended its activities in the Kurdish area of Iraq in a row over stock trading.
“The krona is undervalued against the euro”
Swedish export companies may be hit by lower sales as the Swedish currency is expected to strengthen against the euro, analysts said.
Iran did not cross EU 'red line', Sweden said
Iranian President Mahmoud Ahmadinejad did not cross the "red line" that would have prompted a walkout by all EU states in his speech at the United Nations, the Swedish foreign ministry said.
Organic foods show record sales in Sweden
The sale of organic foods reached record high levels in Sweden last year and now accounts for 3.4 percent of total sales.
Swedish business outlook more upbeat
The confidence among business managers and consumers are getting stronger as more believe the recession has came to an end.
H&M profit stronger than expected
Swedish clothing retail giant H&M; made a better-than-expected pretax profit although sale in august failed to meet analysts outlooks.
Robbers attack money depot by helicopter
Robbers made off by helicopter with an undisclosed amount of money after breaking into a banknote storage in Stockholm.
Time to 'break deadlock' on climate change
Swedish Prime Minister Fredrik Reinfeldt told a climate change summit that it was time to break the deadlock in talks for a new global warming deal.
• Danish PM invites heads of state to climate talks
• Sweden tells US to step up on climate change















