Ford is running due diligence on the remaining bidders for Volvo Car, and a buyer could be announced by the end of this month or next, two sources familiar with the matter have said.
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Less than five bidders remain in the auction and China’s Geely Automobile Holdings, also said to be eyeing Saab, is one of them, sources told Reuters.
One of two sources familiar with the Volvo auction said the bidders were being given management presentations and tours of the automaker’s facilities in Sweden.
Volvo has suspended talks with the Swedish government on state guarantees for loans from the European Investment Bank (EIB) “due to the strategic review being carried out by Ford, which could lead to a sale of Volvo Car Corporation”, it said today.
Ford put Volvo up for sale last December to cut costs and raise cash amid industry-wide record-low vehicle sales.
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