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China’s Geely wants to bid for Volvo
China’s Geely wants to bid for Volvo
Posted Wednesday, Sep 9, 2009, 1:26 pm in Employee News
China’s Geely Automotive said on Wednesday its parent wants to bid for Ford Motor Co.’s Volvo Car Corp., becoming the latest Chinese automaker to chase a foreign brand in a global industry overhaul, Reuters reported.
The move could boost the profile of Geely, a small, independent automaker and, more importantly, give it access to technology it needs to upgrade its cars, analysts said, though some doubted it could manage an international brand, the news service said. Geely’s privately held parent, Geely Holding Group Co., would make any bid in conjunction with a government-backed investor, CEO Gui Shengyue told Reuters by telephone.
Gui said Geely’s parent is waiting for Ford to decide whether to sell the Swedish car maker, the news service said. Rather than merely taking a stake in Volvo, Geely’s parent would seek full ownership, Gui said, adding that Ford will make a decision on whether to sell Volvo within a month, the story said. (Reuters/Automotive News)
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