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New owner for Volvo "by June"
08 May 2009
Volvo could have a new owner by the end of June as Ford presses on with the sale of its Swedish subsidiary.
Ford is working with several potential buyers on the due diligence process, and if this goes smoothly the deal could be sealed within six weeks.
Reports that Volvo would be sold by the end of May are wide of the mark, according to a source with knowledge of the situation. “It’s too soon,” the insider told Autocar.
The number of buyers interested in Volvo has been reduced to less than five. None have been formally identified, although several are believed to be Chinese.
But both Geely and Chongqing Changan Auto, rumoured to be bidding for Volvo, have denied any interest in the company.
The source also told Autocar that buyers have toured Volvo’s factories and facilities in Sweden.
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