China's Geely is the only Volvo bidder so far, report says

August 29, 2009 - 12:16 pm ET

STOCKHOLM (Reuters) -- China's Geely Automotive has submitted the only concrete bid so far for Ford Motor Co.'s Volvo unit, a Swedish newspaper reported on Saturday, citing an undisclosed source.

Ford put money-losing Volvo up for sale in December last year as it looked to cut costs and raise cash in the face of plunging industry-wide auto sales.

The automaker said in July it was in discussions with a number of parties over Volvo.

An announcement on which suitor Ford had selected to initiate final takeover negotiations with is expected some time next month, Swedish business daily Dagens Industri reported.

"It is necessary if the deal is to be completed before the turn of the year, which Ford has set as a target," the newspaper cited a source involved in the sales process as saying.

A Volvo spokeswoman declined to comment on the report.