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Jakob group 'ready to bid' for Volvo Cars

Published: 07 Dec 2009 17:49 GMT+01:00
Updated: 07 Dec 2009 17:49 GMT+01:00

The Swedish consortium Jakob said on Monday it is ready to buy Volvo Cars if the opportunity arises.

“We’ve told Ford that we are ready to make a financed offer for Volvo,” Jakob consortium CEO Peder Fast told the TT news agency.

The bid puts Jakob third in line among prospective buyers of Ford’s Swedish unit.

Currently, Chinese automaker Geely has preferred status as a negotiating partner with Ford, while the US-based Crown group has also indicated its interest in buying Volvo.

The mail sent from Jakob to Ford is a sign that the fight for Volvo is far from over.

“It was sent on Friday,” Fast told TT.

According to Fast, Jakob has enough financial backing to make a fully funded offer for Volvo. However, he refused to say what the terms of the financing were or in what countries Jakob’s financers are based.

Meanwhile, Ford offered no feedback on Jakob or the group’s bid.

“We’re focused on our negotiations with Geely, which have been singled out as our ‘preferred bidder’,” Ford Europe spokesperson John Gardiner told the magazine Ny Teknik.

“Therefore we can’t comment on other possible offers.”

Ford's interest in considering an offer from Jakob is important to the Swedish consortium and is one of the reasons it relayed its interest to Volvo’s US-based owner.

“What’s important is that Ford is interested in considering our offer,” said Fast.

“It takes two to tango.”

Fast added that Jakob’s group of international backers very much wants to know whether or not Ford is interested in the consortium’s bid.

TT/The Local (news@thelocal.se)

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Your comments about this article

18:54 December 7, 2009 by Leprechaun .se
Should we be worried? Secret bidders? Let me guess, Jacobs biggest financial supporter is a Chinese state owned car company? Am I very close or have I nailed it?
19:15 December 7, 2009 by Nemesis
I just hope that eventually Swedes or Northern Europeans end up in ownership of Volvo and SAAB.

The way it is going, soon ther ewill be nothing there.
03:36 December 8, 2009 by 2394040
Has anyone considered the possibility that the New World Order doesn't want anyone other than the Chinese to get Volvo? Look at it like this: if the Chinese get Volvo, they can build it for a much lower cost with all their slave labor, and sell it for the same price as if it was built by much higher paid Swedish labor. Think of the profit margin!!!!
18:27 December 9, 2009 by spy
If production moves to China customers will desert Volvo in droves. Chinese made goods are excellent value but they are not synonymous with quality or a premium ownership. Also generally the Chinese have little idea of how to manage brands, let alone global brands that are as strong as Volvo.
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