Volvo Cars says China's Geely preferred bidder

[October 28, 2009]  STOCKHOLM (AP) -- Ford-owned Volvo Cars says China's Geely Group is the preferred bidder in the U.S. automaker's attempts to sell the Swedish unit.

Volvo Cars spokeswoman Maria Bohlin told The Associated Press Wednesday that "Ford has confirmed that Geely has been announced as the preferred bidder."

She said it's positive for Volvo "to have clear information from Ford" about developments in the sales process.

Dearborn, Michigan-based Ford said last year that it wants to sell Volvo so that it can focus its efforts on three core brands: Ford, Lincoln and Mercury. Ford acquired Volvo in 1999 for $6.45 billion from Volvo AB.

[Associated Press]

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