Ford Motor on Wednesday named a consortium headed by Zhejiang Geely Holding Group Co as the preferred bidder for its Volvo Swedish brand, bringing the Chinese carmaking group a step closer to buying it. Ford gave no price for Geely’s bid, but people familiar with the matter said the privately held group offered just under $2bn for Volvo. The US and Chinese companies are also discussing a deal to see Geely take control from Ford of Volvo’s captive finance operations, worth $5bn-$6bn.

This entry was posted by Gwen Robinson on Thursday, October 29th, 2009 at 4:42 and is filed under Capital markets, M&A. Tagged with ford, Geely, volvo. Edit this entry.