Ford: No rival bidder in Volvo deal image

Ford Motor said yesterday that it is not pursuing talks with any new bidder for its Volvo Cars unit and is trying to complete the deal soon with China’s Geely Group, Dow Jones reported.

Ford made the remarks in response to the latest media reports that quoted Volvo’s chief executive saying the auto maker was open to talking to other potential candidates.

“Ford is trying to get the deal done with Zhejiang Geely Holding Group within the next several weeks,” a Ford spokesman said Tuesday. Ford executives said late Monday that they have already spent a “considerable amount of time” working with Geely to ensure Ford’s intellectual property is protected.

Dagens Industri, the Swedish daily newspaper, reported Tuesday that Volvo Chief Executive Stephen Odell said, “Ford was open to talk with others.”

“Those who say that the door is shut can go to Ford and talk with them whenever they like,” Odell reportedly said.

Ford said in late December that it had settled “all substantive commercial terms” on the sale of Volvo to Geely, clearing the way for the Chinese company to purchase Volvo by June.

Home-grown Geely is hungry for modern, innovative technologies from the Swedish brand to upgrade its car lineup and tap China’s auto market, now the world’s largest.

Source: Gasgoo