Ford and General Motors have been looking to sell off their Swedish brands Volvo and Saab, respectively, for quite some time now. Currently there are quite a few bidders for these automakers. Earlier rumors had it that Chinese automaker Geely was among these bidders, but the company has denied bidding for either Swedish automaker, saying that overseas acquisitions are not cheap deals.
“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,” said Geely in a notice to the Hong Kong stock exchange last Thursday, when the company’s stock price jumped 13.6%.
The Chinese automaker did initially show interest in Volvo and not necessarily Saab, but then later decided not to buy Volvo.
With Geely out of the picture, it becomes slimmer pickings for GM and Ford.