A Chinese business daily misquoted a local automaker executive as saying it had held talks with Ford about acquiring Volvo, it was claimed on Wednesday.
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National Business Daily reported yesterday that Changan Automobile president Xu Liuping had talked with Ford and Volvo during last month’s Guangzhou motor show and quoted a Changan executive as saying there was a chance for a deal.
But he told Reuters today that he was “misquoted” and he had no knowledge that Changan had ever held discussions with Ford on a Volvo deal.
“I told the National Business reporter that there is a chance that Changan might consider cross-border merger and acquisition eventually. It wasn’t meant for the Volvo deal specifically,” the executive said.
“Chinese automakers will become global players some day but we are not strong enough now to make major oversea acquisitions and turn around distressed assets,” added the executive who requested anonymity.
Ford reiterated today it was considering selling Volvo car but, as yesterday, declined to comment on the paper’s story.
“We will not comment on speculation or rumours, nor will we comment on regular business discussions that we have with our partners,” Ford said in a statement cited by Reuters.
