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Ford may get $2B for Volvo Ford Motor Co. may get $1-$2 billion for its Volvo Cars unit, less than a third of what it paid 10 years ago, as it conducts sale talks with more than three bidders, according to an unnamed source interviewed by Bloomberg.
The last piece of Ford's failed strategy to boost profit with European luxury brands may take six months to complete, said the unidentified person, who preferred to remain private. The individual wouldn't name the potential buyers, reported Bloomberg.
With a $14.7 billion loss last year, Ford is trying to raise cash and buttress its balance sheet to remain the only major U.S. automaker not receiving federal aid. General Motors Corp. and Chrysler LLC are operating on $17.4 billion in low-cost U.S. loans.
Ford confirmed talks with multiple "interested parties" in a statement Mar. 25 that didn't cite names or a specific number of prospective buyers for Gothenburg, Sweden-based Volvo. The second-largest U.S. automaker, is "pleased with the numbers and quality" of possible bidders, and "is now talking in more detail," according to the statement.
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