China's BAIC interested in acquiring Volvo
Beijing Automotive Industry Holding Corp (BAIC), one of China's major auto producers, is interested in acquiring Ford Motor Co's Volvo car unit, the Wall Street Journal reported, citing insiders close to the situation.
The source said a team of BAIC executives is expected to visit Volvo's Gothenburg, Sweden headquarters to meet with Volvo's executives and tour its R&D and manufacturing facilities.
The bid for Volvo is scheduled to close at the end of this month, but the bid procedure will last longer than expected due to BAIC's recent tender.
Analysts have said that BAIC may go after several international auto brands, as the company once said that domestic and overseas mergers and acquisitions (M&As) are a good way to speed growth.
BAIC and Ford could not be reached for comment.
|
|
|
|
