“U.S.-led group in talks to buy Ford's Volvo: source - Yahoo News” plus 4 more

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• U.S.-led group in talks to buy Ford's Volvo: source - Yahoo News
• Alcan Automotive creates JV to capture strong growth of greener ... - Earthtimes
• Mandelson: Magna CEO to visit UK this week over Vauxhall - Forbes
• Startup company to unveil prototype cars in Miss. - Charleston Daily Mail
• U.S.-Led Consortium Wants to Buy Volvo From Ford: Report - ABC News

U.S.-led group in talks to buy Ford's Volvo: source - Yahoo News Posted: 05 Oct 2009 07:59 PM PDT LONDON/DETROIT (Reuters) – A U.S.-led group that includes former Ford Motor Co (F.N) director Michael Dingman is in talks to acquire the automaker's money-losing Volvo brand, a source familiar with the matter said on Monday. The group, called the Crown consortium, has been in talks with Ford over Volvo for some time, said the source, who asked not to be named because the discussions are private. The discussions raise a potential rival bid for Volvo to that of China's Geely Automotive (0175.HK), which confirmed in September an interest in the Swedish brand. Ford, the only large U.S. automaker not to restructure under a government-supported bankruptcy this year, in December said it was considering selling Volvo. The automaker has been divesting brands to focus on Ford, Mercury and Lincoln and conserving cash to support a turnaround. A Ford spokesman said the automaker was in discussions with parties interested in acquiring Volvo. He declined to identify the parties or to comment on the potential timing of any sale. "We will provide an update as soon as we have something to say," Ford spokesman Mark Truby said. The Financial Times first reported the Crown consortium's interest in the Volvo brand and said the group was fronted by Dingman and former Ford and Chrysler executive Shamel Rushwin. Dingman served on Ford's board from 1981 to 2002, when he reached its mandatory retirement age. The FT said the consortium had fully secured financing from U.S. private equity groups and was seeking additional backing from Swedish investors to signal its intent to keep Volvo in the country, citing people close to the sale. The FT reported another informed person as saying the U.S. consortium had offered significantly less than Hong Kong-listed Geely, but that both plans involved similar plans for more than $3 billion of additional investment in Volvo. The FT quoted a person close to the sale as saying Geely had offered just less than $2 billion for Volvo. Other media reports have put the price tag at about $2.5 billion. The timing of the sale remains unclear. Ford has been restructuring Volvo to cut costs and to separate its operations to run on a stand-alone basis. It started discussions on the sale of Volvo in the first quarter of this year. The unit was designated as held for sale during the first quarter, meaning that Ford expected to sell it within a year, but the process has moved at a deliberate pace. Volvo is the last brand left at Ford from the automaker's former premier auto group. Ford previously sold off Aston Martin, Jaguar and Land Rover, but has continuing relationships with each brand and likely would retain ties to Volvo also. The process of separating Jaguar and Land Rover from Ford for the sale to Tata Motors (TAMO.BO) required working out continuing relationships that may be even more extensive between Ford and any new owner of Volvo. As a result, Ford's interests run beyond transaction price to the long-term financial stability of Volvo. A Volvo spokeswoman declined to comment. (Reporting by Jon Carter, Quentin Webb and David Bailey; Editing by Jan Paschal, David Holmes, Gary Hill) This posting includes an audio/video/photo media file: Download Now

Alcan Automotive creates JV to capture strong growth of greener ... - Earthtimes Posted: 05 Oct 2009 09:58 AM PDT PARIS, France, Oct. 5 e-Alcan-JointVenture PARIS, France , Oct. 5 /PRNewswire/ - Alcan Engineered & Automotive Solutions (EAS), part of Alcan Engineered Products - a business unit of Rio Tinto - has signed an agreement with Changchun Engley Automobile Parts Co. Ltd. (Engley) to create a joint venture (JV). The JV company will be based in the northeastern Chinese city of Changchun with a second manufacturing plant located in Kunshan, close to Shanghai , to serve several OEMs in both the northern and southern regions of China . Alcan Engley Automotive Structures Co. Ltd. will develop and produce crash management systems, instrument panel beams in aluminium and other structural aluminium modules. Alcan Automotive will be the majority shareholder and expects to start supplying products in late 2009. "Alcan's advanced aluminium lightweight solutions play a significant role in today's fuel-efficient cars all over the world including China ," said Wolfgang Schmitz , President EAS. " China is posting double digit growth in car sales and will continue to offer exceptional growth opportunities for our engineered products in the coming years." "EAS is a strong partner with outstanding lightweight expertise that nicely complements our broad product offering of steel, aluminium and plastic components," said Lin Chi-Pin , Chairman and owner of Engley. "So I'm very pleased that the JV will further reinforce our successful partnership which began in 2002." Through several project acquisitions in recent years, Alcan EAS has become a preferred supplier of advanced lightweight solutions in Europe and North America . Incorporating the partnership with Engley is the next logical step to grow EAS's footprint and support the development of aluminium systems for the Chinese and Asian markets. These systems provide substantial benefits in weight reduction, safety and structural stiffness, enhancing total pedestrian and vehicle safety while also lowering emissions and improving fuel economy. The Alcan Engley JV sees a strong demand for its products, which help its customers develop the next generation of greener, more fuel-efficient cars in China and Asia . "We are excited about the joint venture with Engley," said Laurent Castor , General Manager Automotive Structures. "It combines our technological expertise and their market position in a partnership that benefits both businesses. We will now be in an excellent position to serve our global customers locally." About Alcan Engineered & Automotive Solutions Alcan Engineered & Automotive Solutions offers its customers design, engineering, testing, and production of structural, safety, and suspension and engine components or modules at its locations in Europe , North America , and Asia . Its lightweight aluminium elements can be successfully incorporated into any vehicle assembly and provide substantial benefits in weight reduction, safety, and structural stiffness. This enhances total pedestrian and vehicle safety in addition to contributing to lower emissions and improved fuel economy. Working in close partnership with its automotive customers, Alcan Engineered & Automotive Solutions ensures that they derive the full benefits of aluminium and other lightweight materials in vehicle development. About Alcan Engineered Products Alcan Engineered Products is a global sector-leading business strongly committed to developing innovative, value-added products for a broad range of markets and applications. Its portfolio consists of seven downstream businesses: aerospace, non commodity aluminium rolled products, aluminium extrusions, cable, composite products, automotive systems and international trade. About Engley Changchun Automobile Parts Co. Ltd. Changchun Engley Auto. Parts Co., Ltd., a Taiwan -owned enterprise, is headquartered in Changchun City, Jilin Province of China . In both Suzhou and Changchun , Engley has a strong production base for auto parts and mould manufacturing. Engley is not only a supplier of steel and aluminium crash management and body-in-white modules, but is also the largest Chinese supplier of long glass fibre thermoplastic parts, specialising in GMT, LFT-D compression and LFT injection parts such as underbody shields, frontends, doors, spare wheel and, among others, pans. About Rio Tinto Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America , Asia , Europe and southern Africa . SOURCE RIO TINTO ALCAN - EN

Mandelson: Magna CEO to visit UK this week over Vauxhall - Forbes Posted: 05 Oct 2009 02:55 AM PDT TOKYO, Oct 5 (Reuters) - British Business Secretary Peter Mandelson said on Monday that representatives from Canadian automotive supplier Magna were due in Britain this week to discuss the future of two Vauxhall factories. 'I hope (Magna's co-CEO Siegfried Wolf) he will have good discussions with union leaders. They're looking for hard information and strong assurance of the future viability of Vauxhall's plants.' Article Controls email reprint newsletter comments share del.icio.us Digg It! yahoo Facebook Twitter Reddit rss General Motors has agreed to sell a 55 percent stake in Opel to a group led by Canadian automotive supplier Magna with state-owned Russian bank Sberbank. Opel is British carmaker Vauxhall's parent company. (Reporting by Chang-Ran Kim) ((ran.kim@thomsonreuters.com; +81-3-6441-1804; Reuters Messaging: ran.kim.reuters.com@reuters.net)) ($1=.6829 Euro) Keywords: OPEL/MANDELSON (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Neither the Subscriber nor Thomson Reuters warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Reuters and its third party content providers for your personal information only, and neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.

Startup company to unveil prototype cars in Miss. - Charleston Daily Mail Posted: 05 Oct 2009 08:27 PM PDT JACKSON, Miss. (AP) - A startup car company said it would unveil four prototype vehicles Tuesday that will be built at a $6.5 billion plant the company plans to build in the Mississippi Delta near the Tennessee line. GreenTech Automotive hopes to break ground this year on a $6.5 billion plant in Tunica County - near Memphis, Tenn. - and eventually build 1 million cars a year, company attorney Bill Brabec told The Associated Press on Monday. Company officials say the cars will be energy efficient, but a spokeswoman declined to offer details ahead of Tuesday's event in Tunica. Automotive analysts wonder about the viability of the project and its ambitious goals. GreenTech has said it hopes to employ 25,000 people. It's not clear what, if any, incentives Mississippi or Tunica County officials have offered. Brabec has said Tunica County already has secured land and has been looking for a big industry, such as a car plant, to come to the area. Mississippi is home to one automobile manufacturing plant, and another is planned but is on hold. Nissan opened its plant in 2003 near the central Mississippi city of Canton. Toyota announced in early 2007 that it would open a plant near Tupelo, in northern Mississippi, by late 2009 or early 2010. Toyota's plans have been put on hold indefinitely amid the global economic slowdown. GreenTech was formerly known as Hybrid Kinetic Automotive Corp., but that changed after its owner, Xiaolin "Charles" Wang, split with his Chinese partner in a messy lawsuit. Plans for the car were first revealed in June when the federal lawsuit became public and offered details of the feud. The men fought for control of the company before reaching a settlement in July. Both said they will move forward with the plans to build 1 million cars a year. Wang's former partner, Yung "Benjamin" Yeung, has said he will move forward with his plans to build a plant in Alabama. In June, a federal judge unsealed the lawsuit involving Yeung and Wang. Yeung and Wang fought over the terms of their "handshake" business deal and whether they were partners or whether Wang worked for Yeung, according to filings in U.S. District Court in northern Mississippi. Each man accused the other of dubious business practices. Yeung, also known as Yang Rong, was celebrated in China for leading Brilliance China Automotive Ltd. to become first Chinese company to be listed on the New York Stock Exchange in 1992. However, he later fled China after Chinese authorities accused him of unspecified economic crimes. He has denied any wrongdoing. Court filings in the case said Mississippi Gov. Haley Barbour had been involved in discussion about the plan but Barbour's office has declined to comment, citing the need for confidentiality in proposed economic development projects. The lawsuit was complicated, among other things, by the fact that the name of Yeung's company, Hybrid Kinetic Automotive Holdings, closely resembled one controlled by Wang, Hybrid Kinetic Automotive Corp. More than a dozen third parties joined in the lawsuit. Yeung's company has said it has the right to the "hybrid kinetic" name and "to pursue the hybrid automotive project in Mississippi without any interference from Xiaolin Wang." The plan before Yeung and Wang split was to raise money through a visa program that provides foreign investors with a chance to get a visa by investing in the United States. This posting includes an audio/video/photo media file: Download Now

U.S.-Led Consortium Wants to Buy Volvo From Ford: Report - ABC News Posted: 05 Oct 2009 12:21 PM PDT LONDON/DETROIT (Reuters) - A U.S.-led group that includes former Ford Motor Co director Michael Dingman is in talks to acquire the automaker's money-losing Volvo brand, a source familiar with the matter said on Monday. The group, called the Crown consortium, has been in talks with Ford over Volvo for some time, said the source, who asked not to be named because the discussions are private. The discussions raise a potential rival bid for Volvo to that of China's Geely Automotive , which confirmed in September an interest in the Swedish brand. Ford, the only large U.S. automaker not to restructure under a government-supported bankruptcy this year, in December said it was considering selling Volvo. The automaker has been divesting brands to focus on Ford, Mercury and Lincoln and conserving cash to support a turnaround. A Ford spokesman said the automaker was in discussions with parties interested in acquiring Volvo. He declined to identify the parties or to comment on the potential timing of any sale. "We will provide an update as soon as we have something to say," Ford spokesman Mark Truby said. The Financial Times first reported the Crown consortium's interest in the Volvo brand and said the group was fronted by Dingman and former Ford and Chrysler executive Shamel Rushwin. Dingman served on Ford's board from 1981 to 2002, when he reached its mandatory retirement age. The FT said the consortium had fully secured financing from U.S. private equity groups and was seeking additional backing from Swedish investors to signal its intent to keep Volvo in the country, citing people close to the sale. The FT reported another informed person as saying the U.S. consortium had offered significantly less than Hong Kong-listed Geely, but that both plans involved similar plans for more than $3 billion of additional investment in Volvo. The FT quoted a person close to the sale as saying Geely had offered just less than $2 billion for Volvo. Other media reports have put the price tag at about $2.5 billion.

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