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September 1, 2009

SWEDEN: Geely is sole bidder for Volvo Cars – report

Chinese carmaker Geely is the only firm to have submitted a 'concrete' bid so far for Ford's up-for-sale Volvo Cars unit, according to Swedish business newspaper Dagens Industri.

Chinese carmaker Geely is the only firm to have submitted a ‘concrete’ bid so far for Ford’s up-for-sale Volvo Cars unit, according to Swedish business newspaper Dagens Industri.

Ford put its money-losing Volvo unit up for sale in December last year as it looked to cut costs and raise cash amid industry-wide record low vehicle sales. The firm said in July it was in discussions with a number of parties on the carmaker.

In August, reports in Sweden suggested a Swedish business consortium was keen to return Volvo Cars to Swedish ownership and keep it out of Chinese hands.

Dagens Industri said then that the group, Konsortium Jakob AB, had been approached by Volvo trade unions after reports that Ford was getting ready to intensify talks with Geely.

An announcement on which suitor Ford had selected to initiate final takeover negotiations with is expected some time over the next month, Dagens Industri reported over the weekend.

“It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target,” the newspaper cited a source involved in the sales process as saying.

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