Friday, December 04, 2009
New bid made for Volvo
A group led by a former Ford executive has submitted a revised bid to buy the Volvo Cars unit.
The Wall Street Journal has reported that the bid has come from the Crown Consortium, which is led by former Ford director Michael Dingman and Shamel Rushwin, previously a Chrysler executive.
The consortium had been seen as an outsider after Ford nominated Chinese carmaker Zhejiang Geely Holding Group as its preferred bidder for Volvo.
However, WSJ sources said Crown had been encouraged by Ford - if it could find the necessary funding, which is believed to be around $1.8 billion. Ford declined to comment.
DATED: 04.12.09
FEED: AW
