China's rapidly expanding Chery auto group is considering a bid to buy Swedish-based Volvo from Ford Motor, state media said on Monday. The Caijing business magazine quoted sources as saying that Chery has not yet reached any agreement or applied for permission from the government of Anhui, the company's home province.
It said Jin Yibo, an assistant to Chery's chief executive, had ruled out the possibility of buying Volvo, but other sources told the magazine that Chery had already contacted banks and private equity firms about financial backing for a possible acquisition.