Volvo might be acquired by investment group led by former Ford executives

By Auto News Log • December 7th, 2009

Things are rapidly changing not only for Saab, in recent weeks, but also for its fellow financially struggling carmaker Volvo. After seeing the Chinese company Geely named the preferred bidder for its acquisition from under the Ford corporate umbrella, now a new group has emerged.

The investment consortium, dubbed Crown, is led by former Ford director Michael Dingman and former Ford and Chrysler executive Shamel Rushwin, according to a report by the Wall Street Journal. Even though Geely is in the preferred position, it seems that the bid from the investors is on par with the Chinese one, and might sway Ford to sell the Scandinavian brand to someone with which it has worked before.

Although nothing is for certain, and Ford declined to comment on the situation, it seems that Volvo might not need a Chinese visa anytime soon. We will keep you up to date as soon as new details emerge.

Source: Wall Street Journal

 

Leave a Comment

« | Home | »