Mainland carmaker may bid for Volvo
08-05-2009
The mainland carmaker, Geely, is believed to have moved a step closer to buying Volvo. Bloomberg says the biggest privately-owned carmaker on the mainland visited Volvo's factory in Sweden and scrutinised its books last month, along with two other bidders.
The US company Ford owns Volvo. Ford is hoping to raise US$2-billion from the sale.
At the same time, the Wall Street Journal says Geely has submitted a separate bid to buy another Swedish carmaker - Saab - from General Motors.
