Geely denies interest in Volvo and Saab, but you can still bet on who will buy the 'Born From Jets' brand
According to the Chinese auto newshounds over at Gasgoo, Geely has denied it has any interest in buying Volvo or Saab. The Swedish patients, being shopped by Ford Motor Company and General Motors, respectively, are still up for sale, however.
As the story goes, Geely chairman Li Shufu has been cited as remarking that too much money is being asked for the two marques. According to a press release detailed by Gasgoo, the automaker has stated that it "has not submitted, and has no plans to submit, any bids concerning the takeovers of 'Volvo' or 'Saab' as stated in recent press articles."
In related news, someone might want to tell the bookies at a certain UK gambling website, Ladbrokes, that they may want to adjust their odds. According to Autocar, the sports betting site that allows customers to wager on everything from darts to Italian volleyball even has a pool going for who will win the right to purchase Saab. Thanks to everyone for the tips.
[Sources: Gasgoo; Autocar | Image: Joe Raedle/Getty]
Reader Comments (Page 1 of 1)
Tim 6:14PM (5/15/2009)
There is no serious bidding. This a tactic by Ford and GM to incite a bidding war and clearly it has not worked. Why bid now when you could get these assests in a bankruptcy liquidation?
Also it is not clear what assets you would own. I doubt you would get Opel platforms which SAABs are based on nor Ford would allow a competitor to get at the same Volvo platforms that underpin the Taurus and Focus.
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Quattroporte 6:16PM (5/15/2009)
Whoever buys Saab needs to bring back the quirky.
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Moose 6:21PM (5/15/2009)
Will it be Brett Favre?
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Sektor 6:32PM (5/15/2009)
The Chinese are great businesspeople. Which means they won't buy Saab for the price they are asking right now. They'll wait till it crumbles and pick up (almost) for free, just like what happened with MG and Rover in England.
Now for Volvo, this might not work and they might be missing a great opportunity there.
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Tyler 6:41PM (5/15/2009)
Hardly. The Chinese are chineseing it. They don't have the time to decide whether or not to purchase it. This is odd, because they have enough time to tell you that the price is too high.
jamie 1:29PM (5/16/2009)
Why bother buying either company when all you have to do is copy it? Isn't that par for the course in China nowadays?
gefinley 6:42PM (5/15/2009)
I'm honestly glad Geely isn't planning on making an offer, what with their ridiculous rip-offs of other western cars.
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linnea.mg 6:54PM (5/15/2009)
The Chinese auto industry would be missing out on the opportunity to establish instant credibility with the purchase of SAAB and/or Volvo. Both companies have a great reputation for safety features, expertise that the Chinese auto industry needs in a hurry, given their recent safety-crash test results!
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Hamhock 7:54PM (5/15/2009)
@ Sektor
The Chinese are very good at some business disciplines...but I can tell you from personal experience they have WAY overpaid for property in my area in recent years...so who knows, maybe they will overbid for this stuff.
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WilliamTell 10:07PM (5/15/2009)
what are the odds on GM not selling saab?
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no. 11:00PM (5/15/2009)
Depends on how the (tax evading) Federal Capitalist Intervention Czar feels.
JENKINS 2:12AM (5/16/2009)
My guess is that aside from all the Chinese buyer speculation that there is a "dark horse" who will be the new owner of Volvo. It's hard to say what will happen with Saab, but the bottom line is that both Saab and Volvo deserve better ownership....Swedish car fan's let's hope that new ownership tap's into their real potential and sets the stage for a solid future for these unique brands.
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imoore 10:47AM (5/16/2009)
Ladbrokes. Just the name alone should suggest you have a gambling problem and should seek counseling.
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