Geely Seeking Advice On Possible Bid For Volvo

Shanghai, March 10, 2009: (Gasgoo.com) China's largest private automaker Geely Holding Group Co. is once again rumored to buy Swedish carmaker Volvo, a unit of Ford Motor, Oriental Morning Post reported.

According to The Times, Geely Automobile has appointed NM Rothschild to advise on a possible bid for loss-making Volvo, which has been put up for sale by its ailing American parent Ford.

The latest news that Geely is serious about bidding for Volvo came again just after Geely's chairman, Li Shufu, ruled out a move for the Swedish carmaker on March 5.

Geely is reportedly looking for a private-equity firm to provide financial backing as the private carmaker doesn't have enough money to buy Volvo.

Geely owns 23% of Manganese Bronze, the maker of London's famous black cabs, and 51% of a Shanghai-based joint venture with the British company.

NM Rothschild, a Paris-based finance giant, has offered service for many Chinese companies like China Mobile, China Unicom, and Alibaba.

Another party is reportedly interested in buying Volvo. A rumor from Sweden said a former chief executive of Volvo is working on takeover plans with another Chinese firm.

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