Currently reading: New Volvo bidder revealed
Ex-Ford director to make rival bid to Geely's

A new bidder for Volvo has emerged, according to reports in the Swedish press.

Volvo owner Ford recently named Geely as its preferred bidder, but reports suggest that a US consortium called Crown is planning a rival bid.

Crown is fronted by former Ford board member Michael Dingman, and has backing from Swedish investors.

Reports put Crown's bid at around $2.5 billion. Ford has insisted that it has yet to reach a price with Geely, as it is still negotiating over sale details.

Dingman served on Ford's board from 1981 to 2002, when he reached its mandatory retirement age.

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