For weeks now, the only realistic bid for Volvo has has come from the Chinese automaker Geely. They’ve been Fords’ “preferred bidder” for about a month ago, and last week, Geely’s management were in meetings with Volvo’s unions, and with Volvo AB (commercial vehicle company) about the Volvo trademarks – which are owned 50/50 between Ford and Volvo AB. At the same time time, Ford seemes to be in no hurry to sell Volvo, leading many to speculate that Ford was dragging their feet waiting for new and improved offers. We’ve been posting about the two other possible bidders, Consortiums Jakob and Crown earlier, and reports in Swedish media today say that Crown are now ready to make an offer, to be presented this week.
Although no numbers have been confirmed, Geely’s offer are estimated to be between $ 2 and 2,5 billion, and sources within Crown have confirmed that they will exceed that offer. “There is no point in bidding low. You are not going to win anything that way,” the consortium told Dagens Industrie [via Reuters]. Crown, led by former Ford CEO Michel Dingman, and advised by former Volvo CEO Roger Holtback, are – according to their financial plan – 2/3 American and 1/3 Swedish owned.