Friday, December 05, 2008
Ford values Volvo at $6bn
Ford Motor Company is seeking to sell Volvo for as much as $6 billion, and is using JP Morgan Chase & Co as an adviser, according to reports in the United States.
It is believed that Ford is counting on the strength of the brand to draw bidders. A spokesman for Ford could not be reached for an immediate comment.
On Monday (December 1), Ford said it was reviewing options for Volvo and could sell the luxury Swedish car brand as it looked to shore up cash amid a deep industry downturn. Ford said the review of Volvo was part of its efforts to 'strengthen its balance sheet' at a time when auto sales are plunging worldwide.
Volvo is the last remaining brand from Ford's former premium auto group that had included the now-divested Aston Martin, Jaguar and Land Rover brands.
DATED: 05.12.08
FEED: AW
