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Consortium Eyes Volvo Buy
Ford, like its crosstown rival General Motors, has been looking to shed noncore brands, and it looks like it has some buyers kicking the tires of its money-losing Swedish Volvo brand.
The Wall Street Journal, citing unnamed sources, reports that the consortium led by Ford director Michael Dingman and former Ford and Chrysler executive Shamel Rushwin want to bring in former Volvo executives including Roger Holtback, CEO of the brand in the 1980s. The Swedish executives would take an equity stake of about a third of the company and would emphasize the company’s Swedish roots.
Consortium members have been talking with Ford for two years, since long before the company announced in December it might sell Volvo.
Ford, like General Motors, is shedding noncore brands. Ford wants to concentrate on its Ford, Lincoln, and Mercury products.
Kent Bernhard Jr. is News Editor of Portfolio.com
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