U.S.-led consortium wants to buy Volvo from Ford: report
LONDON (Reuters) A U.S.-led consortium has entered the race to buy Volvo from Ford (F.N), the Financial Times reported, in a challenge to China's Geely Automotive (0175.HK), which confirmed its interest in the money-losing Swedish carmaker last month.
Citing people close to the sale, the FT said the Crown consortium has fully secured financing from U.S. private equity groups. But the consortium is also seeking additional backing from Swedish investors to signal its intent to keep Volvo in the country, according to the FT.
The Crown consortium is fronted by former Ford director and turnaround specialist Michael Dingman and former Ford and Chrysler executive Shamel Rushwin, the people told the FT.
The FT reported another informed person as saying the U.S. consortium had offered significantly less than Hong Kong-listed Geely, but that both plans involved similar plans for more than $3 billion of additional investment in Volvo.
The FT quoted a person close to the sale saying Geely had offered just less than $2 billion for Volvo. Other media reports have put the price tag at around $2.5 billion.
A Ford spokesman was not immediately available for comment.
A Saab spokeswoman declined to comment.
(Reporting by Jon Carter; Editing by Jan Paschal)
Time magazine named Pope Francis as its Person of the Year, crediting him with shifting the message of the Catholic Church. Slideshow
NEW YORK - Wall Street fell modestly on Wednesday as investors weighed the possibility of a wind-down of U.S. Federal Reserve stimulus in the wake of a provisional budget deal reached in Wahington.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.