【英文原文】
China's Geely Leads Volvo Bidding
Chinese automaker Geely Holding Group Co. has emerged as the leading contender to acquire Swedish automaker Volvo from Ford Motor Co., said several people familiar with the matter.
Ford is in the process of analyzing a recent Geely bid to acquire 100% of Volvo for approximately $2.5 billion, these people said. The offer is higher than Ford or outsiders had expected for a brand that has lost more than $1 billion in recent years. In the quarter ended June 30, Volvo lost $231 million.
The deal may nonetheless be worth far less to Ford, given Geely's proposal to leave behind Volvo pension obligations, unwanted inventory and other substantial restructuring liabilities with Ford, said these people. Such a deal would be similar to Ford's sale of luxury brands Jaguar and Land Rover to India's Tata Motors Ltd. in early 2008. Tata paid $2.3 billion for the two brands. Ford then later contributed $600 million to Tata to cover Jaguar-Land Rover pension plans.
Geely and other Chinese firms want Volvo for its strong brand name and technology. Its dealer network also represents a chance to penetrate the U.S. and European markets with non-Volvo product. Geely has been especially emboldened of late, having just received a $245 million investment from Goldman Sachs Group's private-equity arm.
Geely couldn't be reached to comment late Thursday.
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