Newspaper report suggests consortium is lining up an offer
18 August 2009

A consortium led by Swedish businesses plans to bid for Volvo, according to a Swedish newspaper.

Dagens Industri said the group, Konsortium Jakob AB, had intensified efforts recently to raise enough capital to make an offer for Volvo.

Ford put Volvo up for sale in December last year, as it looked to cut costs and raise cash. The firm said in July it was in discussions with a number of parties on the carmaker.

According to Dagens Industri, the engineers' trade union at Volvo has already spoken to the consortium about a possible takeover.

The paper also said that Swedish truck maker Volvo Truck Corp., which sold its car unit to Ford in 1998, may join Konsortium Jakob AB in making a bid - although this has been denied by the truck maker.

"We take an interest in what happens with Volvo cars since we share their brand, but that's where it ends," Volvo Trucks spokesman Marten Wikforss told Reuters. "We don't see ourselves as investors in the car industry."

Other bidders for Volvo are said to include Chinese group Geely.

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