Report: China’s Geely is the only concrete bidder for Volvo

It’s been a while since we’ve heard anything on Volvo’s bidding process. According to a report by¬†Swedish business daily Dagens Industri, China’s Geely Automotive is the only company that has submitted a concrete bid for FoMoCo owned Volvo.

The publication said that an announcement of which suitor Ford has selected for the final takeover negotiations is expected next month.

“It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target,” the newspaper cited a source saying.

Money-losing Volvo was but up for sale last December. Ford said last month that is in discussions with a number of parties on Volvo.

– By: Stephen Calogera

Source: Retuers