Rival Bid for Volvo Reported

The newspaper “Dagens Industri” reported Saturday that an American-led group will make an offer for Ford-owned Volvo cars next week, rivalling a bid already on the table from China's Zhejiang Geely Holding Group.

The American consortium, called Crown, is led by former Ford Motor Company director Michael Dingman, “Dagens Industri” says, but has backing from Swedish investors.

Zhejiang Geely Holding Group, the parent of Geely Automobile, was named by Ford as a preferred bidder for its loss-making Swedish car unit last month. Media reports put the bid at between 2 billion and 2.5 billion US dollars.

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