No, son, you can’t move back home
Volvo Group is not interested in buying back Volvo Cars from Ford:
Swedish industrial group Volvo is ready to help its former car unit Volvo Cars if current owner Ford goes bankrupt but is not interested in buying it back, Volvo’s chairman told a newspaper Thursday.
“We would gladly finance joint projects, such as sponsor projects or research projects, and could consider being part of various consortiums without becoming the main owner,” Volvo chairman of the board Finn Johnsson told Swedish financial daily Dagens Industri.
Ford bought Volvo’s car business for $6.45 billion in 1999.
Nor does Johnsson think the Swedish government should take over the company:
“The state knows nothing about the car industry and Volvo needs an owner that can increase sales and cooperate with suppliers on components and development,” he said, suggesting French carmaker Renault as a good owner for the Swedish company.
Compare this to the situation in the States, where every two-bit Congressweasel is suddenly an expert on the car industry.
We will not mention that Renault, with a 20-percent stake, is Volvo Group’s single largest shareholder.
(Via Autoblog.)
