Monday, August 04, 2008

Guangzhou Auto may buy Volvo car operations

Guangzhou Automotive Industry Corp is considering buying Ford Motor's Volvo car business, with a bid possible only after IPOs by the Chinese automaker in Hong Kong and Shanghai, the South China Morning Post reported.

Guangzhou Automotive has two foreign joint-venture partners with Honda and Toyota.

Last month, Chinese media reported that domestic producer Chery Auto was considering buying Volvo's car assets.

Ford bought the Volvo car business for 6.45 bln usd in 1999.

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