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Geely may have its eye on scooping up Volvo Cars from the Ford Motor Company, but a new consortium — known as “Konsortium Jakob” — says it’s ready to submit a cash bid for the Swedish automaker.
Named for the original Volvo car (which was nicknamed “Jakob”), the group largely consists of Swedish investors and engineers from Volvo’s trade union. The group is the third bidder for Volvo since Ford put the marque up for sale earlier this year.
“We have told Ford that we are ready to submit a cash bid, that we have investors backing this,” Peder Fast, CEO of Konsortium Jakob, told Reuters.
If Ford gives the group a positive response to its offer to submit a cash bid, Konsortium Jakob will move forward with its plans in acquiring Volvo. Prior to this announcement from the group, Konsortium Jakob had been in contact with Ford to express interest in Volvo.
“[The investors] need to know whether there is an interest from Ford to consider a bid, that it is worthwhile to make the effort to continue this process,” said Fast.
Konsoritum Jakob is unique in its attempt to acquire Volvo as it is already willing to submit a cash bid for the Swedish company. Konsortium Jakob’s main competition for Volvo is Chinese automaker Geely, which was named Ford’s preferred bidder in October.
Source: Reuters
Volvo back in Swedish hands? I like it.