Global Times - Geely Automobile not involved in parent's bid for Volvo

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Geely Automobile not involved in parent's bid for Volvo

Source: Global Times
[10:38 October 29 2009]
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Geely Holding Group Co.'s subsidiary, Geely Automobile Holdings Ltd. said Wednesday that it isn't involved in the parent company's bid for Ford's Volvo unit.

Though the subsidiary will not provide financing to its parent for the deal, the automaker said it's possible to explore potential cooperation opportunities with Volvo if its parent company wins the bid.

Ford Motor Co. said Wednesday it has focused talks on the sale of Volvo to Geely. "We have no specific timeline to conclude the discussions," the Swedish news agency TT quoted a Ford statement as saying.

Li Shufu, Geely’s chairman, welcomed Ford’s decision as an “important strategic ste” and said the group planned to expand Volvo’s business in China, which would include enhancing its access to local sales networks and parts supplies.

Agencies and Shi Jierui contributed to this story