Ford denies reports that it’s talking to BMW about Volvo
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Ford Motor Co. is not in discussions with BMW or any other company regarding the sale of its Swedish unit Volvo, the automaker said today.
A Ford spokesman issued the denial via email following media reports that the struggling automaker was in talks with German automaker BMW to sell its Swedish brand. Ford had earlier in the day declined comment.
The Goteborgs Posten daily reported on its Web site that a source within Ford said BMW has been studying a possible purchase of Volvo. The Financial Times also reported Friday, May 25, that BMW was in informal talks to buy Volvo.
Ford bought Volvo in 1999 and it is now part of the US company’s Premier Automotive group, including Jaguar and Land Rover.
Ford does not disclose results for its individual brands, but taken together its luxury line-up lost $327 million in 2006.
Merrill Lynch has said Ford could raise over $9 billion by selling the remaining luxury car brands.
Volvo CEO Fredrik Arp told Reuters in March that Ford was committed to keeping the Swedish carmaker.
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