Geely denies preparing bid for Ford's Volvo

• Source: Gasgoo.com
• [08:37 September 17 2009]
• Comments

Geely Holding Group, the parent of Geely Auto, has disavowed an earlier statement that it's planning a possible bid for Ford Motor's Volvo Cars unit, Dagens Industri reported, citing Volvo head Stephen Odell.

Geely Holding Group Co. has expressed interest in bidding for the Swedish group. However, interviewed in daily Dagens Industri yesterday, Volvo Car CEO Stephen Odell said Geely had now denied preparing a bid. "They clarified at the weekend that they had never made such a statement," Odell was quoted as saying.

Volvo CEO Stephen Odell said "neither Ford nor Volvo" substantiated Geely's serious interest in the company. "If there is any substantive change in status, the employees will hear it from me first before they read in the press," Odell said.

Last week, Geely Auto CEO Gui Shengyue said that its parent would work with a government-backed investor on the Volvo bid. And earlier news reports today said that Geely Auto is set to raise capital by issuing convertible bonds to fund a Volvo bid.

Speaking at the Frankfurt auto show today, Odell said "Ford is still talking to outside interested parties."