Chery considers buying Volvo from Ford

Chinas Chery Auto is considering buying the automobile operations of Volvo from Ford Motor Co, according to report, citing sources familiar with the matter. The Chinese auto manufacturer is expected to tie up with several top private equity firms to jointly buy Volvo cars operations in a deal worth more than 30 billion yuan (US$4.4 billion), and the evaluation is still in the initial stage, the report said. Ford bought the automobile operations of Sweden-based Volvo for US$6.45 billion in 1999. (July 7, 2008)