• Sweden edition
 

New buyer interest to bid in Volvo sale

Published: 21 Nov 2009 13:29 GMT+01:00
Updated: 21 Nov 2009 13:29 GMT+01:00

Ford has previously indicated that Geely is the preferred choice to take over the Sweden-based company, which continues to show losses.

According to newspaper Dagens Industri, the US consortium Crown will make an offer in the next seven days with half of its capital coming from Swedish investors.

Crown is led by American Michael Dingman who brings 21 years of experience as a board member of the US-based Ford.

Dingman is joined in the consortium by advisor and former Volvo CEO Roger Holtback.

Whilst the Geely bid is estimated to be valued over $2 billion no details have yet been released of the Crown consortium’s counter offer.

A third party, the Jakob Consortium, dominated by Swedish investors has also pledged an interest in the buy out.

Losses for Volvo Cars continue to shrink. In November, the company posted their best quarter result of the year, losing $135 million compared with the $458 million it reported lost in the same period of 2008.

TT/Christine Demsteader (news@thelocal.se)

Your comments about this article

22:12 November 21, 2009 by 2394040
This American hopes that Volvo will remain Swedish. Having said that, any buyout should be viewed with suspicion. Geely would most likely change the company beyond recognition, no matter what the "experts" might say. I would prefer to take my chances with Sweden.

The "New World Order" advocates would prefer to ship production to a "low-wage" country that doesn't believe in freedom.
05:54 November 22, 2009 by Marvino
Don't give up the fight Crown and Jakob consortia. I'll keep my fingers and toes crossed for you...
09:33 November 22, 2009 by Ales
Crown and Jakob - please keep fighting for Volvo. We all who are Volvo fans keep our fingers crossed for you both!!! I can`t imagine Volvo to end up in communist country....
10:53 November 22, 2009 by latent
no matter Geely succeed or not, it already shows a fact that big is becoming biger, and they can buy whatever they want as long as this world is runing under the theory of business and economy. ..will see....Every thing almost made in China now, ,is only due to the cheap cost,,,,,on the other hand, they got technology.
12:08 November 22, 2009 by Jimmy_Mav
I am also a fan of Volvo. I think the cooperation between Volvo and Geely will bring a lot of benefits to Volvo, although Greely do not have enough experiments to work with a world-class famous company like Volvo.

BTW, stop talking that China is a communist country now if u have not been there yet. They are good players in the capital market.
14:24 November 22, 2009 by Ales
Very interesting discussion.... please more opinions... !!!
14:34 November 22, 2009 by eliteresourceagent
it seems there are too many below average intelligence people here. How many of you have been to China? There is much more capitalistic energy and progressiveness than here...

the new world order is going to happen, it is just a matter of time. Move to the moon if that's not good enough, haha
15:34 November 22, 2009 by Ales
problem is that car industry is about branding and about very delicate management and marketing for which experience is very important, I'm not sure that such experience exists in Geely..... capitalistic energy doesn't help.... even on the moon....
16:40 November 22, 2009 by spy
I really hope that Volvo gets a buyer other than Geely.

Geely's bid is not based on them being good carmakers or even being particularly financially astute - let's face it these guys have made their money pedalling crap cars into an emerging (and protectionist) market, China. They are widely regarded as corporate savages and frankly if Ford had any other serious option then they would be pursuing it.
17:45 November 22, 2009 by Leprechaun .se
An American will be our savior? Again? Thank (non-existing) god.. and him. If he is the one who will save volvo I might just put an American flag on my balcony on July 4th.

I will never in my life vote for the damn right; this is all their fault. Had the social democrats been in power the saab wouldn't have needed a bail out and volvo being sold to China would be a ridiculous unimaginable idea. Well thank god for the US of A, selflessly protecting us since the beginning of the cold war while still taking sh!t from us; pretty damn impressive, forgotten and underestimated. WOOO!
22:49 November 22, 2009 by karex
An American group getting Volvo is almost as bad a s a Chinese group. Face it, the American idea of quality is just not the same. My Ford-built Volvo car showing atrocious, never-before-seen rust on the underside is the proof.

Just look at the track record of Opal in the Swedish market when it comes to rust as a comparison. Americans switch cars every 2 years, they never get to see the sh** quality of their vehicles before matters get out of hand.

A Swedish consortium is more like it.
05:58 November 23, 2009 by Marvino
I hope that somehow the Crown and Jakob consortia can find a way to join forces, get the proper financing and convince FORD to drop Geely from the bidders list.
08:14 November 23, 2009 by spy
I have a very bad feeling about any company that clearly rips-off other brands designs. The Geely 'Rolls Royce copy' was a discrace and shows that they really do not understand branding. Volvo I am keeping my fingers crossed for you.
15:39 November 23, 2009 by Ales
http://www.volvocars.com/newmoon/Pages/default.aspx - this was marketing masterpiece!!!
19:29 November 23, 2009 by spy
I hope you are being sarcastic. .
20:06 November 23, 2009 by Ales
I am affraid not:

http://blogs.cars.com/kickingtires/2009/11/most-read-car-reviews-of-the-week-new-moon-edition.html .......
20:26 November 23, 2009 by spy
It took me 10 minutes to tab to my age and then when I entered my details the thing didn't actually work. I gave up.
20:35 November 23, 2009 by Ales
HERE IS WHAT THEY TALK ABOUT: Nothing says vampires and werewolves like a stylish Swedish crossover. That's exactly what Volvo hopes moviegoers will be thinking when they see the stars of "The Twilight Saga: New Moon" driving the 2010 XC60 on the big screen.

The mania around the movie certainly has spread to our own car reviews; more people read the XC60 review over the past seven days than any other new-car review. Last week, it wasn't even in the Top 10. Click on any link below to read the full review…if you dare.
20:48 November 23, 2009 by spy
Yes I read that, interesting copy. . .

Nothing says vampires and werewolves like a Swedish crossover' ????????

But is this affiliation marketing attributable to the amount of views of a Volvo review on a blog read entirely by car enthusiasts? I am not so sure.

I was still unable to get the actual Volvo microsite to work. Teething problems perhaps.
22:56 November 23, 2009 by Leprechaun .se
I saw twilight.. now can someone please explain to me what the big buzz is about? Thank you.

Seriously what's the obsession about that movie? I'm glad volvo might make a profit from this (which.. sigh.. will go to ford) but it's ridiculous. They aren't even good looking!
04:06 November 24, 2009 by volvoman9
Beauty is such a subjective thing. The loss here is that of a quality product. I've owned six Volvo's. I bought them for their quality. The new ones are more attractive but I found my1970 144 to be one of the most beautiful forms ever produced. Maybe I'm kinky.

What we are really witnessing is a new world order where what the consumer wants doesn't matter. The corporation will let us know what we want and we will gobble it up because it's easier than struggling to think for ourselves. The manufacturing industries of the western world will be destroyed because we allowed them to be in the never ending struggle to improve the bottom line. Retention of a brand is romantic but lets face it would you suffer a loss of capital to keep a brand alive. The only reason the American government stepped in to save Detroit is to cushion the demise of it's auto industry. We really have no choice. To allow it's deserved but rapid death would destroy our economy and damage those of the world perhaps forever.

We have brought ourselves to the brink with our shortsighted behavior. The American society has been partying like the morning would never come. Sadly I don't believe my countrymen have understood what has happened. They are far to hypnotized by the hate mongering media who themselves have no interest in the issues other than that of enriching themselves. Pay close attention to the demise of Babylon. Don't allow yourselves to be sucked into the vortex of capitalism. The world will become one big Wal- mart if the corporate world is not stopped. Incidentally a couple of years ago I read in the Wall Street Journal that Wal-mart was the 8th largest trading partner of China. This is a staggering statement.

As much as it saddens me I fear we may be too far gone to save the Volvo's of the world.
13:31 November 24, 2009 by Marc the Texan
I hope these consortia manage to get Volvo back into Swedish hands. Geely would ruin it. I don't even buy pots and pans from China. Chinese steel is full of red lead and radioactivity because of how poor their cheap steel making methods are. They melt down radioactive pipe and ship it right out to unsuspecting customers. Where I am in Florida, there are lots of houses built between 2005-2006 that have had to be abandoned due to toxic Chinese drywall (thousands of houses in Florida alone). I avoid Chinese products as much as possible. That means never setting foot in places like WalMart.
Today's headlines
BREAKING
King Carl Gustav XVI 'unhurt' after crash
The Swedish king. Photo: TT

King Carl Gustav XVI 'unhurt' after crash

BREAKING: Sweden's King Carl Gustav XVI has been involved in a car accident but is unhurt, the Royal family's press office has confirmed to The Local. READ  

Elections 2014
Migration minister calls Feminists 'a dark force'

Migration minister calls Feminists 'a dark force'

Sweden's Migration Minister has said in a Facebook post that both the Sweden Democrats and the Feminist Initiative parties were "dark, gloomy, and destructive forces". READ  

The Local List
Ten Swedish designs that made life better
Playsam

Ten Swedish designs that made life better

Sweden has produced an indecent number of design classics. We take a look at some of the best - from toys to furniture, fabric designs to telephones, packaging to super-safe headwear. READ  

Sport
Juventus topple Malmö in Champions opener
Argentinian Carlos Tevez scores against Malmö. Photo: AP

Juventus topple Malmö in Champions opener

Malmö, the first Swedish club in the Champion's League for more than a decade, lost against Italian champions Juventus on Tuesday night in their Group A opener. READ  

Science
Swedes discover rare Antarctic fossils

Swedes discover rare Antarctic fossils

Researchers from Sweden have been speaking about a rare discovery of mammal fossils in the Antarctic. READ  

Ukraine conflict
Sweden Democrats reject EU-Ukraine pact
The Sweden Democrats have two MEPs, seen here with the party's leader Jimmie Åkesson. Photo: TT

Sweden Democrats reject EU-Ukraine pact

BREAKING: The European Parliament has backed an 'historic' agreement to allow closer trade between the EU and Ukraine, but the nationalist Sweden Democrats were among those trying to block the deal on Tuesday. READ  

Elections 2014
Löfven to get no help from Sweden's Liberals
Liberal party leader Jan Björklund. Photo: Jessica Gow/TT

Löfven to get no help from Sweden's Liberals

UPDATED: Liberal Party leader Jan Björklund says he has no plans to join a government with the election-winning Social Democrats, as Sweden's political future remains uncertain. READ  

Analysis
'Evolution' for Sweden's crowd-funding scene
Photo: Victor1558/Flickr

'Evolution' for Sweden's crowd-funding scene

The Local checks out crowd-funding in Sweden as US giant Kickstarter announces plans to launch in Scandinavia. READ  

Opinion
Scandinavia and Scotland: closer links?
Brit Kester Gibson (left) thinks Scotland should split from the UK but Swede Mimi Coglianos disagrees. Photos: private

Scandinavia and Scotland: closer links?

Scotland votes on whether to become independent this week and the Scottish National Party has suggested closer ties with Scandinavia if the 'yes' camp wins. The Local asked two readers if they agreed with Scotland splitting from the UK. READ  

Sport
Malmö gear up for Champions League
Sweden's biggest club Malmö face Juventus on Tuesday. Photo:TT

Malmö gear up for Champions League

Malmö are the first Swedish club in the Champion's League for more than a decade but they face a tough debut fixture against Italian champions Juventus in their Group A opener. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Sponsored Article
How to start a business in Stockholm
Society
How I became a surf blogger when I moved to Sweden
Gallery
People-watching: September 13th
Society
Why is Stockholm's Södermalm so cool?
Gallery
People-watching: September 11th
Blog updates

17 September

Deep election analysis (Blogweiser) »

"You think you’re bad? Well I’m American. http://www.youtube.com/watch?v=NFbomLID0vU Deep deep analysis on Swedish election results. Vlog post: https://t.co/tjQgfa5Yie #svpol #val2014 #politics pic.twitter.com/oEK5ADFT8L — Joel Sherwood (@joeldsherwood) September 17, 2014 " READ »

 

15 September

Liten, litet, små & lilla (The Swedish Teacher) »

"Hej igen! Have you ever been confused about when to use “liten”, “litet”, “små” and “lilla”? Today I’m going to sort out how use the adjective “liten” (small) and the different forms of it. Liten or litet? “Liten” is the form we will use when referring to a noun with the gender “en”. For example: Min pappa har en..." READ »

 
 
 
Gallery
People-watching: September 13th
Politics
Five possible election outcomes
Politics
Sweden elections: How do they work?
Politics
Sweden elections: Who's who?
Lifestyle
What's on in Sweden
Gallery
Property of the week - Hornstull, Stockholm
Analysis
Five differences between the UK and Sweden
Welshman Jonny Luck is now a chef in Sweden
Society
How I opened my own restaurant in Sweden's Malmö
Sponsored Article
Stockholm tech fest: relive the magic
Gallery
People-watching September 8th
Photo: TT
Politics
Feminists fight for first seats
Politics
Immigration cut push from Sweden Democrats
Sheryl Sandberg says women have "low expectations"
Tech
Facebook exec talks women's limits in Swedish business
Politics
Left Party calls for justice and equality
Politics
Green Party wants 'better world' for kids
Lifestyle
The five best Swedish songs of the month
Sponsored Article
Introducing… Insurance in Stockholm
National
Huge clear up underway after Skåne floods
Politics
Sweden's Alliance reveals full manifesto
Tech
Sweden's highest peak to lose title next year
Politics
How immigration became a key election issue
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

853
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN