A consortium led by a U.S. company has joined the battle for Volvo, a subsidiary of American auto giant Ford, which will undoubtedly pose a huge challenge for Geely, the Chinese automaker that plans to acquire Volvo. Geely Automobile has just announced in September this year that it intends to acquire a Swedish automobile manufacturer that is in a loss state.
According to sources, the Crown consortium has fully secured financing for the acquisition by means of financing from major private placement agencies in the United States. But on the other hand, in order to show the determination to continue to develop the Volvo business in Sweden, the Crown Consortium is also in touch with investors in Sweden to explore the possibility of capital injection cooperation.
Sources said that some of the major members of the Crown consortium are from the automotive industry, including Ford’s former executive Michael Dingman and another Ford company’s former executive Shamel Rushwin. These people have a deep understanding of the automotive industry, and at the same time they have close ties with the Ford Motor Company, so this will add some advantages to its plan to acquire Volvo.
According to sources, the offer of the U.S. consortium was significantly lower than that of Geely. However, on the other hand, both Geely Automobile and the US consortium have stated in their acquisition plans that they will invest more than US$3 billion in Volvo’s investment after the completion of the acquisition to revitalize their production and operation activities.
According to a report quoted by the British "Financial Times" as a source, Geely's offer to Volvo was slightly below $2 billion. However, according to other media reports, Geely Automobile's offer to Volvo was as high as US$2.5 billion. In the recent past, many Chinese automakers including Geely and Beijing Automotive have begun to try overseas mergers and acquisitions to expand their own strength.
At present, Ford Motor spokesman has not commented on this matter.
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