Ford dismisses talk of Volvo sale
TT/The Local - [email protected]
Published: 30 May, 2007 CET.
Updated: Wed 30 May 2007 17:59 CET
Car maker Ford has finally tired of rumours that it is planning to put Volvo up for sale. Speaking in an interview with Business Week on Wednesday, Ford spokesman Tom Hoyt tried to put an end to the speculation.
"Ford is not in discussions with BMW or any other company regarding Volvo. We have seen this kind of speculation for the past year, as Ford has been assessing our operations and portfolio—as any good business does and we will continue to do," he said.
According to Business Week, Volvo is valued by investment bank Merryl Lynch at between 49 and 56 billion kronor ($7-8). Ford initially paid 50 billion kronor for the jewel in the crown of western Sweden when it acquired Volvo in 1999.
Volvo had previously refused to comment on a possible takeover by BMW, insisting that only its owner could make such a decision.
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"Ford is not in discussions with BMW or any other company regarding Volvo. We have seen this kind of speculation for the past year, as Ford has been assessing our operations and portfolio—as any good business does and we will continue to do," he said.
According to Business Week, Volvo is valued by investment bank Merryl Lynch at between 49 and 56 billion kronor ($7-8). Ford initially paid 50 billion kronor for the jewel in the crown of western Sweden when it acquired Volvo in 1999.
Volvo had previously refused to comment on a possible takeover by BMW, insisting that only its owner could make such a decision.
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