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China’s Geely is lone Volvo bidder
China’s Geely is lone Volvo bidder so far, report says
Posted Monday, Aug 31, 2009, 11:53 am in Employee News
China’s Geely Automotive has submitted the only concrete bid so far for Ford Motor Co.’s Volvo unit, a Swedish newspaper reported on Saturday, citing an undisclosed source, Reuters reported.
Ford put money-losing Volvo up for sale in December last year as it looked to cut costs and raise cash in the face of plunging industry-wide auto sales, the paper said. The automaker said in July it was in discussions with a number of parties regarding Volvo, the news service said.
An announcement on which suitor Ford selects to initiate final takeover negotiations with is expected some time next month, Swedish business daily Dagens Industri reported. “It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target,” the newspaper cited a source involved in the sales process as saying. (Reuters)
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