A group led by former Ford executives this week submitted a revised bid to buy the Volvo Cars unit, according to the Wall Street Journal.

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The paper said the Crown Consortium is led by former Ford director Michael Dingman and Shamel Rushwin, previously a Chrysler executive.


The consortium had been seen as an outsider after Ford nominated Chinese carmaker Zhejiang Geely Holding Group as its preferred bidder. However, WSJ sources said Crown had been encouraged by Ford – if it could find the necessary funding.


The paper’s sources declined to give the amount of Crown’s bid but described it as close to the Geely offer of USD1.8bn.


Ford did not comment.

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