Ford ‘examining Chinese Volvo bid’

Ford's chief executive Alan Mulally has said plans to sell Swedish subsidiary Volvo Cars are proceeding, despite rumours two weeks ago that Chinese automaker Geely had lost interest in the company.

The Wall Street Journal, citing sources close to the negotiations, reported on Thursday that Ford is currently analyzing a $2.5 billion bid from China’s Geely Holding Group.

Volvo Cars’ CEO Stephen Odell refused to comment on the rumours that Geely was to take over the company.

“It’s up to Ford, not us, to comment on the sale,” he said on Friday.

According to Swedish newspaper reports in mid-September, Ford had informed Volvo management that Geely had withdrawn a previous offer for the company.

Mikael Sällström, head of the union group at Volvo in Gothenburg, said workers were in the dark:

“Our problem is that we are being given too little information about a potential sale. We also know very little about Geely,” he said.


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