Former Ford Executives Make Bid To Buy Volvo
Agent009 submitted on 12/3/2009 Official Bell & Ross Timestamp: 9:36:20 AM
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A consortium led by two former
wsj.com/public/quotes/main.html?type=djn&symbol=F">Ford Motor Co. executives submitted a revised bid this week for Ford's Volvo unit in hopes of beating out a rival offer by China's Zhejiang Geely Holding Group Co., people familiar with the situation said.
The so-called Crown consortium is led by former Ford director Michael Dingman and former Ford and Chrysler LLC executive Shamel Rushwin. Their revised offer is fully funded and includes participation by Swedish investors, the people said, two adjustments aimed at making the offer more attractive to Ford in the sale of the Swedish operation.
"The door isn't closed, but we're in fairly advanced talks with Geely," one of the people said. Crown had been seen as an underdog at best but had been allowed by Ford to continue in the process if it could find the necessary funding, this person said.
The Crown consortium is trying to wrestle the deal away from China's Geely in negotiations that have dragged on. Ford picked Geely in October as its preferred bidder for Volvo, and the two sides have been working on detailed elements of an agreement, particularly over the rights to Volvo technology.
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