A Swedish business consortium, keen to return Ford’s Volvo unit to Swedish ownership and keep it out of Chinese hands, has intensified its efforts to raise enough money to make an offer for Volvo, according to weekend media reports.
Dagens Industri said the group, Konsortium Jakob AB, had been approached by Volvo trade unions after reports that Ford was getting ready to intensify talks with Chinese automaker Geely Holding, which is among the suitors for Volvo.
Ford put its money-losing Volvo unit up for sale in December last year as it looked to cut costs and raise cash amid industry-wide record low vehicle sales. The firm said in July it was in discussions with a number of parties on the carmaker.
Representatives for Konsortium Jakob met with Ford’s management last week, according to the reports.