Swedish Consortium to Guzump Geely's Volvo Bid?
A group calling itself Consortium Jacob AB is making a last-minute play to keep the Volvo brand out of Chinese hands. The alt. Geely newbies consist mainly of Swedish owners, fronted by former Volvo CEO Roger Holtback. Despite the late entry into the auction, Ford has promised to treat the all [mostly?] Swedish bid seriously. The Swedish government’s “manager for affairs of the automotive industry” at the Industry Dept., Jöran Hägglund, gave the group the green light. Allegedly, Volvo’s union of engineers got the ball rolling. So, now, show me the money . . .
The progress to secure funding is “ongoing.” We’re talking SEK 15 billion up front, with as much as SEK 20-25 billion all in. The new group is seeking funds from Volvo employees in Sweden and Belgium (two month’s pay please) and Sweden’s Volvo dealers. Handelsbanken (Commerse Bank) has already promised to provide loans to employees at Volvo who want a piece of the paj.
Former parent company Volvo AB has also expressed interest in the deal, pledgingup to SEK 2 billion. Vattenfall—already in a joint venture collaboration with Volvo on hybrids—has also been being mentioned as a possible partner.
According to Industry Daily, Roger Holtback, who was CEO of Volvo PV 1984-1991 and Vice President of AB Volvo 1990-1991, plays a central role in the bidding process He’s been fingered as the potential president of Volvo PV. The current CEO Stephen Odell may remain in his post. You know, if any of this actually happens.
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