Just about a month ago, news hit the interwebs that Chinese automaker Geely officially became Ford's preferred bidder for Volvo once concerns over intellectual property were sorted out. Today, though, we're hearing that Crown, a consortium led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback, is gaining momentum in its bid for the Swedish automaker after submitting a revised proposal.
If reports from The Wall Street Journal and Reuters are accurate, Crown's new bid is "on par" with Geely's $1.8 billion offer and is backed by both Swedish and Chinese investors and banks. Not surprisingly, Ford has yet to comment on the speculation, though it has said that talks with Geely are already at an advanced stage. Stay tuned.
[Sources: The Wall Street Journal; Reuters]