Geely Denies Bids for Volvo, Saab

The Chinese automaker Geely, who has been often linked with either a Volvo or Saab acquisition, recently denied all rumors claiming it has submitted bids for one – or even both as some media reports hinted – of the companies. But what's more important is that Geely hasn't also denied that it is interested in the two ailing brands but explained that the trips its officials have made to Sweden were pure "inspection trips," as an article by gasgoo.com published today notes.

The company "has not submitted, and has no plans to submit, any bids concerning the takeovers of 'Volvo' or 'Saab' as stated in recent press articles," it said according to the aforementioned source.

This isn't the first time when Geely talks about a potential acquisition of a Swedish brand but denies that it has submitted an offer for one of them.

"We don't have plans to buy Volvo as some media have reported," a Geely spokesman, was quoted as saying by Reuters back in April.

However, Saab's official repeatedly confirmed that they have received offers for the company, hinting that no less than five different parties expressed their interest in the Swedish manufacturer.

"There are about five we want to talk to. There are a couple more we are also looking into. We should see which candidates are serious in the next week and a half," Saab's CEO said at that time. "I hope in a month or two we will have at least some agreement with somebody."

Unofficial media sources said in February that Ford and Geely have been talking about the takeover and some said Geely even received approval from the Chinese top economic planner to study the Volvo acquisition.