BAIC Now Interested in Volvo

It might seem like Chinese automakers are everywhere these days, as there is at least one company based in China involved in every single selling process around the world. After media reports hinted that Beijing Automotive Industry Holding (BAIC) is interested in taking over the German brand Opel, it might seem like this company is also planning to purchase Volvo from its parent company Ford.

A report by the Wall Street Journal claims a group of BAIC officials is expected to visit Volvo's headquarters in Gothenburg and decide whether the Swedish brand would be a worthwhile acquisition or not. Obviously, representatives of the Chinese firm refused to comment which, in most cases, is the first sign that there might be something true behind the reports.

Parent company Ford refused to comment on the speculation as well, despite that it is well know the American manufacturer is negotiating with several parties the sale of Volvo. "Ford has said it is a process ongoing, but they haven't disclosed any names," Stefan Elfstrom, spokesman for Volvo Cars, was quoted as saying by the aforementioned source.

A separate piece of news issued this week also revealed that BAIC is also targeting a second GM Europe asset, namely the Swedish-based ailing automaker Saab. Just as in today's case, BAIC is currently considering its options and might submit a takeover proposal in the near future.

Separately, German officials today unveiled that Magna isn't the new Opel owner at this time and hinted that negotiations continue with all the other parties interested in GM Europe's brand. BAIC is one of the involved companies once again, with some sources claiming that Chinese bidder submitted an enquiry some weeks ago.