Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Colombia's President Santos: Nobel Peace Prize 'a gift from God'

Read more

MEDIAWATCH

After latest Snowden leaks, is it time to use carrier pigeons?

Read more

THE DEBATE

Taiwan on the line: Trump phone call alarms China (part 1)

Read more

THE DEBATE

Taiwan on the line: Trump phone call alarms China (part 2)

Read more

THE INTERVIEW

France's ex-foreign minister talks Syria, Iran and climate change

Read more

FOCUS

Ghana votes in tight presidential race

Read more

ENCORE!

Film show: 'Graduation', 'Go Home' & Hollywood legend Kirk Douglas turns 100

Read more

IN THE PAPERS

French educational system 'as mediocre as always'

Read more

IN THE PAPERS

Southern India bids farewell to 'Amma'

Read more

Business

Volvo engineers launch bid to buy carmaker back from Ford

Text by NEWS WIRES

Latest update : 2009-08-16

A group of Volvo engineers, backed by Volvo Group chief Leif Johanssen, have launched a bid to buy the unprofitable Swedish automaker from US auto giant Ford to prevent it from being bought by a Chinese company, news reports said on Saturday.

AFP - Volvo engineers have launched a bid to buy the loss-making Swedish automaker from US giant Ford to stop it from falling into Chinese hands, a newspaper report said on Saturday.
   
Business daily Dagens Industri said a group of engineers was behind a consortium registered last month under the name of Jakob AB, adding that it was backed by Volvo Group chief Leif Johanssen.
   
Dagens Industri said that a predecessor of Johanssen, Roger Holtback, who headed Volvo Cars from 1984-1991, could return if Jakob AB's bid worth 15 billion kronor (2.08 billion dollars, 1.45 billion euros) succeeds.
   
The report, which gave no sources, said that Volvo Cars employees in Sweden and Belgium had been offered the chance to join the consortium with a stake equivalent to two months' pay.
   
Dagens Industri said that the engineers feared that Volvo would lose its technological edge if it came under Chinese management.
   
On August 6 the daily reported that Ford was in talks to sell a majority stake in Volvo Cars to China's Geely Automobile.
   
The paper said the deal would value Volvo Cars at between "20 (billion) and 25 billion Swedish kronor."
 

Date created : 2009-08-15

COMMENT(S)