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Chery mulling buying Volvo operations

From quamnet.com| July 07 , 2008 14:09 BJT

BEIJING (XFN-ASIA) - Chery Auto is considering buying the automobile operations of Volvo from Ford Motor Co, Caijing magazine reported, citing sources familiar with the matter.

The Chinese auto manufacturer is expected to tie up with several top private equity firms to jointly buy Volvo cars operations in a deal worth over 30 bln yuan, the report said.

The report said the evaluation is still in an initial stage.

Ford bought the automobile operations of Sweden-based Volvo for 6.45 bln usd in 1999.

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