Volvo gets only concrete bid from Geely Automotive
By Andrew C., 26 Aug, 2010. 0 Comments
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The only concrete bid so far for Ford Motor Co. Volvo unit is China's Geely Automotive, according to a source spoken to by Swedish business daily Dagens Industri. Last December, Ford put Volvo up for sale as it aimed to cut costs and raise cash in the crisis that has hit the auto sales industry hard. In July, the automaker said that it was in discussions with several parties over Volvo. Ford is expected to make the announcement on which companies made it to final takeover negotiations next month. The news daily's source added that Ford's targets that the deal would be completed before the year ends. Volvo declined to comment on this report.
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