Losing bidder for Opel to submit an offer for Volvo
By Andrew C., 30 Aug, 2010. 0 Comments
Volco XC60
Whichever company loses the bid for Opel/Vauxhall will get an invite from Ford to submit an offer for Volvo, the Wall Street Journal reports. Many companies are interested in Volvo but Ford is hoping to get a better price for it and has been stalling to sell the brand. It is resisting efforts from Chinese manufacturers, including BAIC and Geely. Only two companies are now vying to buy OpelVauxhall. Ford is reported to be closely watching the competition between RHJ International and Magna. According to the source who spoke to the Wall Street Journal, nothing will happen to the Volvo bidding for another 3-4 weeks, the timeframe in which the winning bidder for Opel/Vauxhall will be announced. It can be recalled that Ford put up the Volvo brand for sale last December. Amid industry-wide record low vehicle sales, Ford had been aiming to raise cash and cut costs. Ford chief financial officer Lewis Booth recently confirmed that it was in talks with a number of parties. BAIC, which also placed a bid for Opel/Vauxhall but failed, has the support of the Beijing municipal government. Meanwhile, Geely has long been known to have made a cut-price bid for the firm. [via autocar]
Latest Auto Shows
