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Ford: no comment on Chery-to-buy-Volvo report

From Associated Press| July 08 , 2008 09:42 BJT

Ford Motor Co. isn't commenting on a Chinese business journal report that China's Chery Automobile Corp. is interested in buying Ford's Volvo unit.

Caijing Magazine quotes unidentified sources as saying Chery is looking for bank and equity investor help for a possible bid for Volvo, Ford's Swedish nameplate.

Ford spokesman Mark Truby said Monday the automaker won't comment on the report.

He says Ford decided last year to concentrate on improving Volvo's business performance, rather than selling it.

The Associated Press has sought comment from Chery.

Ford shares are up 18 cents, or 4 percent, to $4.60 in midday trading.

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