STOCKHOLM (Reuters) -- A consortium dominated by Swedish owners plans to bid for Ford Motor Co.'s Volvo car unit, a Swedish business daily reported on Saturday without disclosing its sources.
Dagens Industri said the group, Konsortium Jakob AB, had intensified efforts recently to raise enough capital to make an offer after reports that Ford was getting ready to intensify talks with Chinese automaker Geely Holding, which is among the suitors for Volvo, according to sources.
Ford put its money-losing Volvo unit up for sale in December last year as it looked to cut costs and raise cash amid industrywide record-low vehicle sales. The firm said in July it was in discussions with a number of parties on the carmaker.
The engineers' trade union at Volvo had taken the initiative to the consortium, which would aim at listing the carmaker, Dagens Industri said.
It said representatives for the consortium this week met with representatives for Ford's management, according to sources.
The paper said that Swedish truck maker Volvo Truck Corp., which sold its car unit to Ford in 1998, may join Konsortium Jakob AB. But the truck maker denied it is considering buying back the carmaker.
"We take an interest in what happens with Volvo cars since we share their brand, but that's where it ends," Volvo Trucks spokesman Marten Wikforss told Reuters. "We don't see ourselves as investors in the car industry."