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Daimler denies interest in acquiring Ford's Volvo

Daimler has no interest in acquiring Ford Motor Co unit Volvo, a Daimler spokesman said on Saturday following a magazine report that the German carmaker had examined its Swedish rival.

“We were never interested in Volvo,” the spokesman said.

German weekly magazine Der Spiegel reported on Saturday that Daimler had carefully looked at a possible deal in recent weeks but had rejected the idea.

Der Spiegel cited no sources for its report, which was released ahead of publication on Monday.

Ford is considering strategic options for the Volvo brand and expects a lot of interest, Ford Chief Executive Alan Mulally said last month.

Volvo has been put up for sale by Ford, which along with its rivals General Motors Corp and Chrysler LLC is trying to survive a deep downturn in US vehicle demand.

A Chinese newspaper last month named Ford's China partner Changan Automobile Group as a potential buyer for Volvo. Ford declined to comment on the report.

Ford and Mazda Motor Corp operate a car venture with Changan's listed arm, Chongqing Changan Automobile Co which makes mid-sized Focus sedans and Volvo S40s, among other brands.

Sweden has said it will provide up to 25 billion crowns ($3.20 billion) in credit guarantees and emergency loans to its ailing auto industry but has no plans to buy stakes in Volvo or GM unit Saab. (Reuters)