Geely And Changan Deny Bidding for Saab And Volvo
15 May 2009
After much speculation in both overseas and domestic Chinese media, Geely Automobile Holdings and Chongqing Changan Automobile Co. both said last week they have no plans to buy the Saab or Volvo brands.
On May 7, Geely, a Hong Kong-listed company, made an announcement at the request of the Stock Exchange of Hong Kong, saying it was not aware of any negotiations or agreements relating to intended acquisitions.
"The Board would also like to clarify that the Company has not submitted, and has no plans to submit, any bids concerning the takeovers of 'Volvo' or 'Saab' as stated in recent press articles," it added.
On the same day, Changan made a similar announcement, saying it has no plans to acquire Volvo.
Changan's joint venture, Changan Ford Mazda Automobile Co., currently builds the Volvo S40 in the southwest China city of Chongqing.
In March, Geely signed an agreement to buy the Australian transmission maker Drivetrain Systems International (DSI).
Source : internet
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