New US challenger enters bidding on Volvo

A US-led group has entered the race to buy Volvo from Ford in a challenge to China's Geely Automotive.
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A Ford spokesman said the group was in discussions with interested parties about Volvo cars, but declined to identify the parties, the price of the bid or to comment on the timing of any sale.

Citing people close to the sale, the US Financial Times said the Crown consortium had fully secured financing from US private equity groups. But the consortium was also seeking additional backing from Swedish investors to signal its intent to keep Volvo in the country.

The Crown consortium is fronted by former Ford director and turnaround specialist Michael Dingman and former Ford and Chrysler executive Shamel Rushwin.

With Rueters