Volvo Cars, Ford’s up-for-sale Swedish brand, is meeting with representatives of three potential buyers over the next ten days according to Swedish daily Dagens Industri (DI).
The DI report said that the three include two Chinese firms.
The parties interested in Volvo Cars are China’s Dongfeng Motor Corp and Changan, as well as a ‘European constellation’, the paper says, citing bank sources.
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Changan is Ford’s partner in China and has been linked with Volvo before. As well as Ford models, it assembles the Volvo S40 in China.
Reuters reported that the identity of the European group remains uncertain, but some sources say it could be Renault.
The expected purchase price for Volvo is believed to range between SEK20bn (USD$2.29bn) and SEK25bn (USD2.86bn), DI reported.
The companies have until Easter weekend in mid-April to present a bid, the paper says, and Volvo Cars CEO Stephen Odell and other company executives will meet with the potential buyers in London.
DI also said that the European Investment Bank (EIB) is expected to grant Volvo an SEK5bn loan in the near future.
