Some Volvo workers object to tie-up with Geely

Some workers of Volvo Car Corp. recently objected to the tie-up with Geely Holding Group when they knew in late August that the Chinese company would possibly become a potential buyer of their company.

They worried that the brand value of Volvo would step down if purchased by Geely Holding. On September 10, Wang Ziliang, the spokesperson of the Chinese company claimed that there was no information about the deal.

However, on September 8, an executive of Geely Automobile Holdings Ltd., the listed arm of the Chinese company, acknowledged that the parent was participating in the acquisition of Volvo from Ford Motor.

It is the first time that the Hong Kong-listed automaker made a formal response to the acquisition rumors. Earlier, Swedish media reported that Geely Automobile, the only bidder for Volvo, offered CNY 16 billion to 20 billion.

Industry insiders predicted that the acquisition would be painstaking, for Ford Motor would likely keep raising the price because of its good financial results for this year.