Ex-Ford director leads U.S. group planning Volvo bid next week

Last month FoMoCo confirmed that Zhejiang Geely Holding Group is its preferred bidder for the possible sale of Volvo Car Corporation. According to the daily Dagens Industri, a U.S.-led consortium led by former FoMoCo director Michael Dingman, will make an offer for Volvo next week.

The bid, which will rival Geely’s bid currently on the table, has backing from Swedish investors, Dagens Industri reported.

“There is no point in bidding low. You are not going to win anything that way,” the paper quoted the consortium, known as Crown, saying.

The media has put the bid for Volvo between $2 billion and $2.5 billion.

– By: Omar Rana

Source: Reuters