A new consortium led by Ford veteran Michael Dingman is reported to be challenging Chinese carmaker Geely to buy Volvo from Ford.

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Dingman was a Ford board member for 21 years until 2002 and has been joined by former Ford and Chrysler group engineering executive Shamel Rushwin.


According to numerous media reports, their Crown consortium has the financing it needs from US investors and is now looking for Swedish partners to make sure the company stays in Sweden.


Geely is reported to have offered about US$2.2bn for Volvo but does not want to take on responsibility for pension liabilities and unwanted inventory.


Crown is offering a lower price but is reported to be prepared to invest US$3bn in Volvo if its bid is successful.


Observers note that the attraction of the Crown bid is that Ford would not have concerns over intellectual property rights which would be an issue if Geely was the successful bidder.


Concerns over intellectual property rights scuppered Beijing Automotive’s chances of bidding successfully for GM’s Opel unit.

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