Volvo News
Volvo's Latest Suitor is. . . Volvo?
By Source: CNN Money
Aug 17, 2009, 11:39

Some very interesting news broke over the weekend and has been reported by multiple sources now. According to people close to Volvo's Swedish operations, the company's engineers union has gathered investors and formed a new investment group called "Konsortium Jakob" with the intentions of buying Volvo out from under the Chinese. This comes weeks after reports that the same union was concerned about the direction Chinese ownership would take the company. Unfortunately, the leaders of that group, including ex-Volvo head Roger Holtback and engineer Peder Fast (who is listed as Konsortium Jakob's CEO) have declined the opportunity to comment about the behind-closed-doors conversations.

According to CNN Money, both Geely and BIAC are front runners, while little is known about what the new consortium can offer. Rumor has it that Volvo Trucks, which originally sold its car unit to Ford, is not interested in an interest in Volvo Cars but may provide a loan to the consortium. Also, this latest report contradicts news that Ford hopes for a deal by year's end, claiming that a deal is expected to be reached in September.

Read the full story at CNN Money

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