First China grabs the Hummer, now it might go after Volvo. Ford is looking for $2 billion for Volvo.
Bloomberg: Beijing Automotive Industry Holding Co., a closely held Chinese automaker, may bid for Ford Motor Co.’s Volvo Car Corp. unit, according to a person familiar with the discussions.
Beijing Auto, which failed in a bid last month for General Motors Corp.’s Opel business in Europe, is expected to send executives this week to Volvo’s Gothenburg, Sweden, headquarters, said the person, who asked not to be identified because the matter is private. The Chinese delegation is to tour Volvo’s factories and review its books, the person said.
Ford, the only major U.S. automaker not in bankruptcy, is shedding international luxury marques to focus on rebuilding its namesake brand and to raise cash to avoid having to ask for a government bailout. Beijing Auto may challenge Geely Holding Group Co. for Volvo as Chinese carmakers seek advanced technology to build more profitable vehicles.
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