Ford poised to sell Volvo

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Ford Motor Co. has confirmed it has been having talks with "a number of parties" regarding the sale of its Swedish subsidiary Volvo.   In a written statement, the US automaker said it was pleased with both the number and quality of potential buyers, but has not revealed the names of any of the interested parties.   According to reports from Sweden, a number of Chinese firms are alleged to be interested in buying Volvo, including Chery Automobile, Dongfeng Motor Group and Chongqing Changan Automobile. On March 10, the Financial Times reported that China's second-biggest carmaker Geely was also interested in buying Volvo Cars.   Ford acquired Volvo in 1999 for $6.45 billion, making it part of its ÔÇ£premier automotive groupÔÇØ with Aston Martin, Jaguar and Land Rover. Like most of the world's motor manufacturers, Ford has seen sales and profits fall in the global economic crisis, and the other brands in the premier group have already been sold.   Volvo made a loss of $736 million in the last three months of 2008, while Ford made its biggest ever annual loss of $14.6 billion in 2008, despite selling Jaguar and Land Rover in that year for $2.3 billion to Tata Motors of India.   Ford has been especially affected in its US home market, where along with rivals Chrysler and General Motors (GM), it has failed to keep up with the growing demand for small, more fuel efficient cars.   While Chrysler and GM have so far received a combined $17.4 billion in aid from the US government, however, and have recently asked for a further $21.6 billion, Ford has so far said it does not need help from the government.   Volvo and fellow Swedish carmaker Saab were given 28 billion kronor (┬ú2.3 billion, $3.5 billion) from the Swedish government in December.   Saab is owned by GM, which is also in talks to sell its Swedish subsidiary.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *