Breaking: Chang’an and Dongfeng to bid for Ford Volvo
Three interested companies may place indicative bids for Ford’s up-for-sale Swedish brand Volvo Cars in April, according to Swedish newspaper Dagens Industri (DI).
Reuters noted that DI quoted unnamed sources as saying that the three bidders include Chinese carmakers Dongfeng Motor Group and Chongqing Changan Automobile Co, and “a European constellation”.
“Indicative bids are to be expected around the Easter weekend,” the paper said. The expected purchase price for Volvo is believed to range between SEK20bn ($2.29bn) and SEK25bn ($2.86bn), it reported.
The paper also said the European Investment Bank (EIB) was expected to grant Volvo a 5 billion Swedish crowns ($568 million) loan in the near future. Volvo applied for the loan last month.
Volvo Cars is a separate company from Gothenburg, Sweden-based Volvo AB, the world’s second-largest truck maker. Dongfeng Motor Corp is China’s third-biggest automaker while Changan Auto Group manufactures Volvo cars in China in a partnership with Ford.
source: DI
Tags: Breaking, Changan Auto Group, Chinese carmakers, Dongfeng Motor Corp, EIB, European Investment Bank, Ford Swedish brand, Ford Volvo, Volvo AB
