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Second Chinese company eyes Volvo

Posted Thursday, Jun 11, 2009, 12:12 pm in Employee News

Beijing Automotive Industry Holding has expressed interest in acquiring Volvo, becoming the second Chinese company to eye the Swedish unit of Ford Motor Co. F-N, three people familiar with the situation told the Wall Street Journal.

A team of executives from Chinese government-owned Beijing Auto was expected to visit Volvo’s Swedish headquarters as early as today to meet with its executives and tour its research-and-development and manufacturing facilities, the knowledgeable people told the Journal.

Three or four parties have expressed interest in Volvo, the paper said. One of them is an investment group led by Chinese auto maker Geely Holding and its chairman, Li Shufu. Geely Holding is parent of Hong Kong-listed Geely Automobile Holdings Ltd. Beijing Auto is one of China’s biggest car makers, with joint ventures that produce Hyundai Motor Co. vehicles and Chrysler LLC Jeeps for the Chinese market, the story said. (Wall Street Journal)
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