• Sweden edition

New buyer interest to bid in Volvo sale

Published: 21 Nov 09 13:29 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/23404/20091121/

A further two consortiums are set to compete with China’s Geely, the front runner to purchase Volvo Cars from Ford, and are expected to submit offers in the coming week.

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)

What do you think? Leave your comment below.

Fark It! Digg This  Share everywhere
Send to a friend Printable version Twitter This

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

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.
ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Today's headlines
Swedish blogger snaps commuting 'macho men'

Swedish blogger snaps commuting 'macho men'

A Stockholm woman fed up with male passengers on public transport taking up the space of women sitting next to them, has started a blog snapping secret pics of straddle-legged commuters and posting them on the internet. READ (30 COMMENTS) »

Swedish town gives 'Negro Village' new name

Swedish town gives 'Negro Village' new name

A suburb of Mjällby, southern Sweden, known by locals as ‘Negro Village’ for forty years, will be changing its name after a storm of recent attention. READ (9 COMMENTS) »

German 'tourist' living in Gothenburg airport

A 27-year-old German man has been living at the Gothenburg Landvetter airport for two months having no wish to return to Germany and nowhere to go in Sweden. READ (12 COMMENTS) »

Dramatic rise in dementia numbers in Sweden

Dramatic rise in dementia numbers in Sweden

Every second Swede is at risk of developing dementia, according to a new study from Umeå University, which concentrated on the 85+ population in northern Sweden. READ »

Masked man raped cyclist in Malmö park

After a 28-year-old woman was pulled off her bicycle and raped by an unidentified assailant in Malmö over the weekend, and police are fearing it could be the work of a budding serial rapist. READ (13 COMMENTS) »

Narcolepsy victims in new compensation bid

Narcolepsy victims in new compensation bid

Families of children in Sweden suffering from narcolepsy caused by vaccination for the swine flu can expect some form of compensation, Swedish health minister Göran Hägglund said on Sunday in response to new calls for help from parents. READ (1 COMMENT) »

Löfven ready to negotiate over nuclear power

Löfven ready to negotiate over nuclear power

The new leader of the Social Democrats Stefan Löfven has indicated he's ready to negotiate with the government over the future of nuclear power despite a previous party decision to phase out nuclear energy in Sweden. READ (3 COMMENTS) »

One in five Swedes 'believes in ghosts'

One in five Swedes 'believes in ghosts'

One in five Swedes believes that people rise from the grave after they've died, a new survey has shown. READ (14 COMMENTS) »

More National

Highlights from Follow Sweden

20 things to know before moving to Sweden

As diverse as Sweden is, there are a few societal norms that are distinctly Swedish. Understanding a handful of them will hopefully prepare you culturally before you relocate. When you're invited home to a Swede, you better be on time and take your shoes off, writes expat Lola Akinmade-Åkerström. Read more »

How far can English take you in Sweden?

Sweden is a country where almost everyone can speak English. So why bother to learn Swedish? Edina Varnagy from Hungary managed with English for a whole year but then found that Swedish could open doors – to a job, a social life and greater understanding. Read more »


Blog Update: Julie's Nordic Island

12 February 21:30

The consciousness of one »

"The ice dripped in the winter sun. It was the first day when the light had been intense enough to cause dripping in the sunlight. To hear it was an extraordinary wakeup call. The cycle was happening again as it always does, always will (or so we think). I imagined that on my summer island, the bees..." READ »

Highlights
The Local
SOCIETY »
The Local's Oliver Gee finds out why the star of Sweden's version of 'The Office' thinks Sweden is the most PC country in the world
Micheal Brauer/Flickr (File)
SCIENCE & TECH »
'Drunkorexia' on the rise in Sweden: report
Alexander Lervik and Johan Carper
LIFESTYLE »
Seven Swedish designs that will blow your mind
Eva Rinadi Celebrity and Live Music Photography/Flickr
SOCIETY »
Star Wars in Swedish causes fan outrage
www.dotoday.se
LIFESTYLE »
What's On: The Local's guide to upcoming attractions and events in Stockholm, Gothenburg and Malmö.
OLIKA Publishing
OPINION »
The Swedish language needs a new pronoun free of preconceived notions about gender, a Swedish linguist and representatives from a publishing house argue
Madonna set for July 4th concert in Sweden
SOCIETY »
Madonna set for July 4th concert in Sweden
TV4
GALLERY »
An inside look at 'The Office' in Swedish
Georgios M.W (File)
SOCIETY »
Swedish mother gave 3-year-old cigs and beer
Photo: Fredrik Persson/Scanpix
SOCIETY »
A duvet cover designed to look like cardboard boxes, on sale at a luxury department store in Stockholm, has some arguing that the city's homeless are being exploited for profit.
Ann Catrin Brockman/Flickr (File)
LIFESTYLE »
Five Swedish songs that never made Eurovision
Q&A with Swenglish comedy star Ben Kersley
LIFESTYLE »
Swenglish comedy star Ben Kersley explains how ‘three bespectacled English guys’ plan to make Swedes laugh
Photo: Screenshot YouTube
SOCIETY »
Move over Bugs – a Swedish bunny is rapidly becoming the most popular rabbit in the world!
Photo: Sony Pictures
SPONSORED ARTICLE
How Millennium films tap deep into Swedish angst
Photo: Helena Wahlman
SPONSORED ARTICLE
Braving the cold: Ten reasons to spend winter in Sweden
Photo: ECLA
SPONSORED ARTICLE
A truly international education at the heart of Berlin
Highlights from Follow Sweden
Swedish word of the day

fin

adjective

Fin means anyhting from sweet to proper. When someone says, Du är så fin it's quite a compliment.

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Norway

More news from Norway at thelocal.no

Blog
Highlights from Follow Sweden
New book about Sweden – get to know the country

Sweden – Up North, Down to Earth is a book about Sweden today. A country of natural beauty and open space, and a society focused on equality, human rights and sustainability. Meet regular and astonishing Swedes, supercars and indie rock bands, vampires and royalties.

Buy your copy of Sweden – Up North, Down to Earth from Sweden Bookshop

Search News


Register

Register now for:
> Free use of noticeboard
> Special discounts
> Weekly news roundup
> Unlimited use of discuss

REGISTER FOR FREE »

Jobs in Sweden, in English

512 jobs available
216 new jobs this week
0 new jobs today

ALL JOBS »

Get on the Tennis Court with www.babolatshop.se
The new Online Tennis Store with the largest selection of Babolat Products in Sweden
http://www.babolatshop.se
Turning Point Counseling
Turning Point Counselling centre offers the international community of Stockholm a safe space for personal development, counselling and coaching.
http://www.turning-point.se/show.asp
Swedish Down Town
Swedish Down Town PR Consulting and Productions is an innovative business company which provides valuable assistance with Public Relations and Communications in the swedish and the international market.
www.swedishdowntown.com
The Local's new Marketplace
Find products and services that are specifically focused on English speakers living in Sweden!
FULL DETAILS
English Speaking Therapist Stockholm
British-Australian Male Counsellor. Counselling Therapy for Depression, Mental Health, Sex, Relationship & Expat Issues
08-559 22 636 or CLICK HERE
Counseling in English
Individuals & Couples - Stockholm Beth Rogerson PhD - Clinical, Marriage & Family Therapist
Click or call 08-5580 1266 now
Doctor of Psychology
Therapy in English in Stockholm Trained in California Individuals & Couples (08) 93 81 48 FREE phone consultation
Visit anxiousorblue.se