REPORT: Geely denies plans to buy Volvo

Of the many suitors who have reportedly had at least a passing interest in acquiring the Volvo brand from Ford Motor Company, the Volvo Group, BMW and Daimler have all publicly decided to pass on the opportunity. Many believe that a Chinese automaker will step up to the plate and purchase the Swedish brand known for safety, but now Geely has withdrawn its name from the proceedings with the statement, "We don't have plans to buy Volvo as some media have reported." Well, fine then.
With Geely dropping out, SAIC remains a possible Chinese suitor along with Changan Automobile Group, Dongfeng Motor Group and Chery Automobile, all of which have said that they are monitoring the situation, whatever that means. Renault has recently emerged as a possible bidder as well. Ford is rumored to be looking to get about $6 billion for Volvo, which is just about what the Blue Oval paid for it in 1999.

[Source: Automotive News - sub. req'd]

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