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Swedish Konsortium Jakob Planning Volvo Takeover

Volvo is becoming a more attractive target day by day, with several companies expressing their interest in the majority stake. The latest suitor that might get involved in the bidding process is a group of Swedish owners that are currently raising capital to submit a bid for taking over Volvo. Ford is ready to begin talks with Geely Holding, the Chinese manufacturer who's said to offer up to $2 billion for the Swedish unit.

A report issues by Dagens Industri pointed that Konsortium Jakob AB representatives last week met with Ford officials to discuss the deal. Furthermore, it appears that Volvo Truck Corporation might also join Konsortium Jakob AB but the truck maker has already denied it plans to buy back the passenger car unit from Ford, Reuters noted.

"We take an interest in what happens with Volvo cars since we share their brand, but that's where it ends," Volvo Trucks spokesman Marten Wikforss told Reuters. "We don't see ourselves as investors in the car industry."

Besides Geely, BAIC is also believed to be interested in buying Volvo after losing the race for Opel against Magna and RHJ. But even if there are so many interested buyers, the company won't be sold soon, Ford officials said, with a preliminary deadline pointing to December as the month to see Volvo finding new owners.

"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."
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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