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Geely withdraws reported offer for Volvo

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Geely withdraws reported offer for Volvo
07:51 CEST+02:00
Chinese automaker Geely, which had previously indicated its intentions to own 100 percent of Volvo Cars, has scrapped plans to put together a bid for Ford's troubled Swedish subsidiary.

Officials from Ford informed management of Volvo Cars that Geely no longer intends to prepare an offer to buy Volvo, the Dagens Industri (DI) newspaper reports.

“They explained over the weekend that they have never made such a statement,” Volvo CEO Stephen Odell told the newspaper.

Looking back, there were a number of peculiarities related to the continued back and forth about the alleged offer.

On the one hand, Geely CEO Gui Sheng Yue spoke on behalf of the entire Geely Group, but according to DI, he is only in charge of the Geely Automobile subsidiary.

In addition, he never admitted to being a part of the process or of having ever visited Sweden or Volvo.

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