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Ford has no plan to keep stake in Volvo
Ford has no plan to keep stake in Volvo, exec says
Posted Thursday, Aug 27, 2009, 1:58 pm in Employee News
Ford Motor Co. doesn’t intend to keep a stake in Volvo Cars and is aiming to sell the Swedish automaker by the end of the year, John Fleming, the U.S. company’s top executive in Europe told Bloomberg.
Maintaining a holding in Volvo is “just not something that’s even being considered,” Fleming said in an interview with the news service at Ford’s European headquarters in Cologne, Germany. Ford has been unwinding integration with Volvo for more than a year and is in talks with “a number of parties” about a sale, he told Bloomberg, declining to identify them.
Dearborn, Mich.-based Ford, the only U.S. automaker to decline taking a federal bailout, put Volvo up for sale in December, the new service said. Ford is seeking about $2 billion for Gothenburg, Sweden-based Volvo, less than a third of what it paid a decade ago, two people with knowledge of the sale said in May, the story said. (Bloomberg)
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