Geely, the Only Buyer for Volvo

Unfortunately for Ford, companies are not so attracted by its popular Swedish brand Volvo that is currently up for sale for any interested party. According to a report issued by the Swedish business Daily Dagens Industri, the Chinese automaker Geely is the only interested company that submitted an offer so far, in spite of reports hinting that BAIC is also looking at the Swedish brand.

The American manufacturer said back in July that it was negotiating with several suitors but refused to reveal their identities. However, Geely repeatedly said that it wants to purchase Volvo and even revealed that it is ready to offer up to $2 billion for the Swedish unit.

"We've been in discussion with a number of parties concerning the future of Volvo, and that situation hasn't changed," Ford spokesman John Gardiner told Dow Jones. "It's still the case that Volvo is held for sale, and it's probable that Volvo will be sold," said Gardiner. "But this process will still take some time to unfold."

Ford expects to sell Volvo by the end of the year, Swedish industry ministry state secretary Joeran Haegglund said earlier this year. "Ford has a slower pace than GM and Saab and we expect a sale will be completed in the latter part of the year," he said.

The Chinese carmaker Geely has also purchased a site in China for the construction of a new Volvo plan and revealed that some Chinese engineers will move to Sweden to collaborate with their local counterparts on the future models.

A separate piece of news revealed that Konsortium Jakob AB is looking to submit a takeover proposal for the Swedish unit but, once again, details are yet to be disclosed.