Changan Auto Has No Plan to Buy Volvo
2009-05-11 Source：english.chinabuses.com
Summarize：Chinese auto group Chongqing Changan Auto Co said on Thursday it had no plan to acquire the Volvo car brand from its partner Ford Motor (F.N), denying speculation reported in domestic media.
"The co ...
Chinese auto group Chongqing Changan Auto Co said on Thursday it had no plan to acquire the Volvo car brand from its partner Ford Motor (F.N), denying speculation reported in domestic media.
"The company currently has no plan to acquire Volvo and has not hired any agencies for legal services for an acquisition," Changan said in a stock exchange statement.
It added that it would not to engage in such a plan for at least the next three months.
Changan's chairman told reporters during the Shanghai Auto Show last month that the company was eyeing acquisitions overseas as it prepares to enter Europe and North America, where the industry downturn has hit hard, although he declined to comment on a possible Volvo deal.
Changan, China's fourth-biggest auto maker, is among several Chinese firms that have expressed interest in the Volvo car brand, which the Detroit automaker is seeking to sell in an effort to raise cash.
Changan's shares climbed their 10 percent daily limit to 9.11 yuan on Wednesday after it reported a 51 percent surge in April sales from a year earlier.
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