Geely only concrete Volvo Cars bidder so far

• Source: Gasgoo.com
• [08:28 August 31 2009]
• Comments

China's Geely Automotive has submitted the only concrete bid so far for Ford Motor-owned carmaker Volvo Car Corporation, a business daily reported August 29, citing an undisclosed source.

The US carmaker put money-losing Volvo Cars up for sale in December last year as it looked to cut costs and raise cash in the face of plunging industry-wide auto sales.

The firm said in July it was in discussions with a number of parties on the car maker.

An announcement of which suitor Ford had selected to initiate final takeover negotiations with was expected some time next month, Swedish business daily Dagens Industri reported.

"It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target," the newspaper cited a source involved in the sales process as saying.

A Volvo Car Corporation spokeswoman declined to comment on the report.

(Reuters)