U.S. consortium revises bid for Ford’s Volvo unit
By Andrew C., 26 Aug, 2010. 0 Comments
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Zhejiang Geely Holding Group's status as the preferred bidder for Ford's Volvo unit may be on shaky ground as Crown consortium, a group led by former Ford Motor Co. executives, has submitted a revised bid this week, according to the Wall Street Journal which cited people familiar with the situation. Crown consortium is fronted by former Ford director Michael Dingman and former Ford and Chrysler LLC executive Shamel Rushwin. The report said that while Crown has largely been considered as an underdog in the competition to acquire Volvo, Ford has been encouraging it and seeing if it can come up with the funding. The Wall Street Journal added that sources did not say how much Crown's bid was but they described it to be on par with the Geely offer. We could only speculate how close Crown's bid is to Geely, which was chosen as the preferred bidder with a $1.8 billion bid.
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