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21/08/2007

Ford denies rumours over Swedish sale

Ford Motor Company has quashed rumours that it may be about to sell its European subsidiary, Volvo. Recent reports had suggested that the US automaker was considering a bid from Investor AB that would have seen the Swedish firm transfer back to home rule.

Investor AB is controlled by the Wallenbergs, who besides being one of Sweden's wealthiest families have a proven track record when it comes to investing in motor firms (they currently own 11 percent of Scania). This, along with the fact that Ford recently sold another of its European assets, Aston Martin, was enough to convince many that a deal was afoot.

However, a spokesman for Ford Motor Company has since emphatically denied that talks were underway between his firm and Investor AB.

"To my knowledge, we are not in negotiations with anyone about the future of Volvo," he said.

 

 

 

 

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