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Oct 28, 2009, 11:48 GMT

Ford: Chinese group Geely "preferred bidder" for Volvo Cars

Stockholm - Chinese group Geely is the 'preferred bidder' for Volvo Cars the Swedish subsidiary of Ford, the US automotive giant said Wednesday. Ford's statement issued at its US headquarters in Dearborn, Michigan, confirmed speculation that Geely was the frontrunner in the possible sale of Volvo Cars. Ford, which bought Volvo Cars in 1999, earlier this year said it wants to sell the carmaker that has its main base in Sweden's west coast city Gothenburg. Volvo Cars chief executive Stephen Odell said in a statement that management viewed the 'announcement as a positive step forward.' Ford said no final decisions have been made, and did not mention a possible price tag. 'Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand,' Ford's chief financial officer Lewis Booth said in a statement. Booth added that 'there is much work that needs to be completed in the more substantive discussions.' Union representatives at Volvo Cars have earlier expressed doubts about Geely as an owner, citing that the Chinese group lacked experience.

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