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Ford Confirms Geely as Bidder for Volvo Cars

Finally a confirmation of ongoing negotiations.

by on Oct.28, 2009

Chinese Volvos?

Chinese Hummers and now Chinese Volvos?

Ford Motor Company (NYSE: F) announced today that a consortium led by Zhejiang Geely Group Holding Co. Ltd. is its preferred bidder in the ongoing discussions concerning the possible sale of Volvo Car Corporation.

The confirmation comes after almost a year of press speculation that Chinese companies were interested in the loss making Swedish brand.

Ford said that while it will be engaging in more detailed and focused negotiations with Geely, no final decisions have been made.



“Ford’s objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties,” said Lewis Booth, Ford Motor Company executive vice president and chief financial officer.