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February 14, 2012
Crown rolls out new bid for Volvo Cars
Published: 3 Dec 09 17:27 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/23640/20091203/
The international consortium Crown, which includes former Volvo head Roger Holtback, has submitted a revised offer to buy Volvo Cars.
- Geely secures Volvo financing: report (27 Nov 09)
- Geely to sell one million Volvos a year: report (11 Nov 09)
- Saab suffers US and Swedish sales slump (4 Nov 09)
However, he refused to elaborate on the potential deal to buy Volvo from US-owner Ford reported on by the Wall Street Journal.
Magnus Sundemo, chair of the Volvo Cars' chapter of the engineers’ union Ingenjörer/Akademikerna, thinks that Ford has a rather flexible deadline for how long it may take before reaching a final decision about an eventual sale of Volvo.
“It’s a malleable limit. But naturally it’s creeping closer all the time. And the end of the year is the end of the year. There may be a goal they wish to achieve before the year is over,” he told TT.
Sundemo believes a potential deal with Geely is being held up by Ford's desire to protect large portions of its intellectual property from leaking to China.
“From what I understand, that’s the issue Ford is putting most of its energy into. It’s a bit of a double-edged sword. We (Volvo’s unions) want to bring enough with us to the new owners to remain a competitive company. Meanwhile Ford wants to release as little as possible,” he said.
What remains clear, however, is that the ties between Volvo and Ford won’t be cut especially quickly.
“Somehow there will be a ‘transfer period’. We have common platforms and common tools. That must be regulated. You can't just cut the cord. We’re going to have to live together for a few years regardless of who the buyer is,” said Sundemo.
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Is there a possibility that this is going to turn out well?
The groups owning Volvo and Saab had to decide what to let go. They opted for the automobile division.
Renault was faced with the same dillema, but they chose to keep the automobile division and sell off the other products instead.
You can't effectively run a business which contains one part of the product line following one market strategy and the other a completely opposite one. It's that simple.
I have no luck with Chinese products. I refuse to buy them as much as I could.
I don't think Chinese Geely would be following rules and regulations to protect the intelligent technology.
It's a shame that Volvo sold the car division to Ford to begin with...