Former Ford execs bid for Volvo

Posted Oct 6th 2009 6:30PM by Trey Thoelcke
Filed under: Ford Motor (F)

Ford Motor Co. (NYSE: F) has been looking to sell its beleaguered Volvo unit since last December and reportedly hopes to narrow the field of bidders this month.

One of the leading contenders is the Crown group, which is led by former Ford director Michael Dingman and former Ford labor executive Shamel Rushwin. Crown entered the talks about two months ago, and it hopes to attract former Volvo executives such as one-time CEO Roger Holtback as equity partners.

Ford has said it hopes to complete the sale this quarter. Geely Holding Group, China's biggest private automaker, is also a leading contender, having entered negotiations more than a year ago. It's $2 billion bid is more than Crown's offer, in addition to matching the price that Ford is seeking.

Other potential bidders include Renault SA and China's Dongfeng Motor Group.

Ford shares are up more than 200% year to date, despite falling about 4% in the past month.

Tags: Crown group, featured, Ford, Geely Holding, inthenews, Michael Dingman, Roger Holtback, Shamel Rushwin, Volvo