9.16Geely denies preparing bid for Ford's Volvo

Geely denies preparing bid for Ford's Volvo

 

http://autonews.gasgoo.com/auto-news/1012202/Geely-denies-preparing-bid-for-
Ford-s-Volvo.html

 

Shanghai, September 16 (Gasgoo.com) Geely Holding Group, the parent of Geely
Auto, has disavowed an earlier statement that it's planning a possible bid
for Ford Motor's Volvo Cars unit, Dagens Industri reported, citing Volvo
head Stephen Odell.

 

Geely Holding Group Co. has expressed interest in bidding for the Swedish
group. However, interviewed in daily Dagens Industri yesterday, Volvo Car
CEO Stephen Odell said Geely had now denied preparing a bid. "They clarified
at the weekend that they had never made such a statement," Odell was quoted
as saying.

 

Volvo CEO Stephen Odell said "neither Ford nor Volvo" substantiated Geely's
serious interest in the company. "If there is any substantive change in
status, the employees will hear it from me first before they read in the
press," Odell said. 

 

Last week, Geely Auto CEO Gui Shengyue said that its parent would work with
a government-backed investor on the Volvo bid. And earlier news reports
today said that Geely Auto is set to raise capital by issuing convertible
bonds to fund a Volvo bid.

 

Speaking at the Frankfurt auto show today, Odell said "Ford is still talking
to outside interested parties."

 

For more information please visit http://autonews.gasgoo.com/index.html