Swedish consortium ready to submit a cash bid for Volvo
By Andrew C., 30 Aug, 2010. 0 Comments
Konsortium Jakob AB, which was formed on an initiative from the engineers' trade union at Volvo cars, is poised to submit a bid for Ford Motor Co.‚ Volvo unit. Peder Fast, Konsortium Jakob AB's CEO, heads the consortium dominated by Swedish owners.
When it does submit its bid, Konsortium Jakob AB would be the third bidder for Volvo, which Ford put up for sale last December. Other bidders include Chinese carmaker Geely, which Ford announced last October is its preferred bidder, and US group Crown, which is headed by former Ford Motor Co director Michael Dingman. In an interview with Reuters, Fast said that his company has told Ford that it is ready to submit a cash bid and that it has investors supporting it. Fast said that the consortium would proceed with the bid as soon as Ford gives a positive response. Fast indicated that the investors would want to know if Ford is interested in its bid and if it would be worth its while to continue the process.
[via autonews - sub. required]
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