SAIC denies talks with Ford over buying Volvo

Shanghai, June 27 (Gasgoo.com) China's largest automaker Shanghai Auto, known as SAIC, denied it has ever held talks with Ford over the Volvo purchase deal, China Business News reported.

The newspaper cites SAIC sources as saying that reports hinting SAIC is in talks with Volvo are highly speculative, because SAIC has never held talks with Ford on that matter.

Edmunds reported on Wednesday that SAIC is to be discussing with Ford Motor the possibility of acquiring Volvo Cars. The purchase of Volvo would give SAIC a more rounded portfolio of global brands as the company gears up for a major export drive over the next two to three years, according to the report.

SAIC is a partner in Shanghai Sunwin Bus with Volvo Bus Corp., which is part of the Volvo Group, and not acquired by Ford when it purchased the car-making operation in 1999.

Reports in several other European publications, including Dagens Industri and Automotive News Europe, said Ford was "in talks" with SAIC about the potential acquisition of Volvo, the last significant brand in the U.S. automaker's now-dismantled Premier Automotive Group.