Things have looked like Volvo was going to fall into the hands of a Chinese auto group for a few months now but here’s some good news for those who for some reason have been opposing such a takeover, mainly due to intellectual property and ‘brand bastardisation’ issues.
There is a new interested party that will be bidding for a Volvo takeover – a new consortium called Crown led by ex-Ford man Michael Dingman. Dingman was a Ford board member for 21 years until he left in 2002. He has partnered up with engineering man Shamel Rushwin, who is both ex-Ford and ex-Chrysler.
So far the Crown offer is reported to be lower than Geely’s US$2.2 billion bid but Crown says they intend to invest another US$3 billion in Volvo if it succeeds in taking over the company. Talk is cheap of course – I hope this is written down in black and white somewhere. Crown is backed by some US investors currently and are looking for some Swedish investors and partners – Volvo being Swedish and all.