Wednesday, June 24, 2009
Chinese bidder likely for Volvo
Beijing Automotive Industry Holding Co may place a bid to take Volvo out of Ford's hands.
The Chinese car manufacturer failed in a bid last month for General Motors’ business in Europe and is now expected to send executives to Volvo’s Gothenburg headquarters in Sweden.
The Chinese delegation will tour the factories and review the company’s books according to reports from Bloomberg.
Ford, which remains the only major US car manufacturer not in bankruptcy, is believed to be shedding its international luxury marquees in a bid to focus on rebuilding its name-sake brand and to raise the cash needed to avoid a Government bailout.
Beijing Auto will face a challenge from Geely Holding Group Corporation as it bids to build more profitable vehicles.
DATED: 24.06.09
FEED: AM
