Geely Auto rumored to acquire Saab and Volvo

Shanghai, May 12 (Gasgoo.com) Geely Auto is bidding to acquire General Motors Corp.'s Saab unit, according to Wall Street Journal report, which cited unnamed sources.

The report said Geely submitted a bid to acquire General Motors Corp.'s Saab unit, a move that comes just weeks after it submitted a separate bid for Ford Motor Co.'s Volvo, also based in Sweden.

However, Geely has denied its plan to acquire Saab or Volvo, according to the report submitted by Geely Auto to Hong Kong Exchanges and Clearing Limited.