Geely has new rival in bid for Volvo

• Source: Global Times
• [16:43 December 03 2009]
• Comments

A consortium led by former Ford Motor Co executives submitted a revised bid this week for Ford's Volvo unit and hopes to beat Geely Holding Group Co., people familiar with the situation told the Wall Street Journal Thursday.

Former Ford director Michael Dingman and former Ford and Chrysler LLC executive Shamel Rushwin are leading the Crown consortium and submitted a fully funded bid with Swedish investors.

Ford picked Geely in October as its preferred bidder for Volvo, and the two sides had been working on detailed aspects of an agreement, particularly over the intellectual property rights of Volvo technology.

Geely is offering a $1.8 billion bid with a combination of cash, bank loans and funds from a small number of investors. The Chinese automaker has reportedly reached agreements for loans from Bank of China Ltd., China Construction Bank Corp., and Export-Import Bank of China.

Agencies and Shi Jierui contributed to this story