Motor insurance news
26/07/2007
Volvo could return to Swedish ownershipManagement of Volvo Cars could be passing back to the firm's homeland of Sweden if a proposed take-over bid goes ahead, according to the Independent newspaper. Investor AB, a group lead by one of Sweden's richest families, is considering making a play for the firm - although current owner Ford insists it is not for sale. Volvo is one of several manufacturers in Ford's European subsidiary, Premier Automotive Group, and hopes were raised that the struggling US giant might consider a sale when it started accepting offers for other PAG assets, including Aston Martin (which was sold early in 2007) and Jaguar Land Rover. Ford has recently reported losses of $12.7bn in 2006, and is focusing all its attention on rescuing the blue oval brand in America. That means PAG is now effectively up for grabs, according to consultancy Global Insight.
"With the amount of stories creeping out, there is no question that Ford's banks are trying to sell out all of the PAG brand," said a spokesman. "Ford is asking a lot of money for Volvo - it's the real jewel in the crown."
Fortunately for the Swedish investment group, the Wallenberg family have a lot of money to spend. They also have a history of buying into automakers (Investor AB currently owns an 11 percent stake in truck maker Scania), and the backing of the unions - which will stand any bid in good stead should they make one, and should Ford consider it.
More Cheap Car Insurance News
Ford, Hoot and young drivers
UK drivers want more online services
Dayinsure teams up with Mondial
Insurance prices hit two-year high
M&S tells holidaymakers to cover up
Wisconsin best for low cost car insurance
GDL makes no impact in New Jersey
Safeco empowers mum and dad
Ford Testimonials
Classic Ford models
Ideas for Ford enthusiasts
Audi scoops security award
Yes Insurance calls for blackspot improvements
Brits baffled by foreign car cover
The end of cheap car insurance?
Flux offers drifter discount
Budget renews broker relationships
Peugeot sponsors Young Driver of the Year
Yorkshire teen escapes unscathed
Ford Buyer's Guide
Stepdad's assumption costs teen dear
Dodgers spurred on by DVLA data
Cheap car insurance site voices hands-free fears
'Cheap' car insurance holds small print penalty
Defaqto blames broadband
Speeding costs an extra £30 million
Student wins Shakira's custom SEAT
'Classic' VW Beetle the key to cheap insurance
Ford in motorsport
Try fully comp for cheap car insurance
Car Insurance News Archive
|
