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Ford slows down Volvo bidding process

Eyeing a better price, US auto maker Ford Motor Co is slowing down the bidding process for its Volvo car unit, the Wall Street Journal said, citing a person close to the company.

Ford will wait for General Motors to sell Opel and is looking at inviting the losing bidder to bid for Sweden-based Volvo, the person told the paper.

“Expect nothing to happen for another three to four weeks” with Ford waiting for GM to finalize an Opel buyer, the person was quoted by the paper as saying.

Ford did not immediately respond to a Reuters email seeking comment that was sent outside of regular US business hours.

The US car maker put the money-losing Volvo cars unit up for sale in December, as it looked to cut costs and raise cash amid industry-wide record-low vehicle sales.

Ford Chief Financial Officer Lewis Booth told reporters after second-quarter results last week that the company was in talks with a number of parties on Volvo.

China's Beijing Automotive Industry Holding Corp (BAIC), rival Geely, and at least one “Western industrial group” remain interested in the Volvo car unit, a person close to the situation told Reuters last month.

BAIC, which failed in its bid for Opel, had the support of the Beijing municipal government to bid for Volvo, other sources said last week. (Reuters)