Ford Motor has begun seeking indicative bids from potential buyers of its Swedish Volvo car brand in a sale process expected to last until late in the year.
The auction will be complicated by questions hanging over the state of the global car market and Ford's own finances.
The Chinese government's ambivalence over foreign acquisitions by its fledgling car companies, at a time when it is prodding them to consolidate at home, adds another layer of uncertainty.
Three people involved in, or briefed on, the sale say Volvo has drawn tentative interest from at least three Chinese carmakers.
Talks have also been held about forming a Swedish-led investor consortium amid concerns among some in Sweden's motor industry about the possible leakage of intellectual property to China.
Volvo's managers gave potential bidders presentations on the business last month in London. Ford is now seeking indicative bids for the loss-making brand, but in spite of reports of a mid-March date for bids, there is no firm deadline, these people say.
Potential buyers will be asked to bid on the basis of an information memorandum, but they will not be invited to tour Volvo's two plants in Sweden and Belgium. JPMorgan and Citigroup are advising Ford on the sale.
Ford is not commenting on its efforts to sell Volvo, other than to say it is reviewing its options for the brand, including a sale. It has asked potential bidders to sign confidentiality agreements.
Volvo shares engineering, purchasing, engines, and other components with Ford, so the sale will require any buyer to conclude long-term supply and other arrangements with the Detroit carmaker, as was the case with Tata Motors' $2.3bn purchase of Jaguar Land Rover last year.
Selling Volvo will take “the better part of five to six months, if not longer”, according to a banker.
Industry sources say Ford is unlikely to get anywhere near the $6.45bn it paid for Volvo in 1999, but the sale has less to do with raising cash than allowing the Detroit carmaker to focus on its core US business.
Ford, unlike GM or Chrysler, is not currently receiving federal aid, but analysts warn it might need to ask for it in the second half of 2009 if the US car market's deep downturn persists.
Chinese carmaker Geely is preparing a bid for Volvo, according to a person familiar with the company's plans, in spite of a denial last week by Li Shufu, its chairman, that he would bid for Volvo.
Rival carmakers Dongfeng and Chang'an – which produces Volvo cars in China in a joint venture with Ford – have also expressed preliminary interest in the brand, but it is unclear whether they will bid.
Chang'an declined to comment yesterday, and Dongfeng could not be reached for comment.
Chinese government officials have publicly discouraged the country's fragmented motor industry from making overseas acquisitions. China, with annual car sales of less than 6m, has about 45 carmakers, and the government is pressing them to form larger groups that can compete more effectively.
“It's a very risky purchase for the Chinese, and I doubt if we have good enough capacity to digest the purchase,” said one Shanghai-based industry consultant, who asked not to be identified.
Some Chinese carmakers might be positioning themselves as potential buyers of Volvo in order to improve their status in China as the industry consolidates, sources said.
Geely, China's second-biggest private carmaker, will seek to finance a potential buy of Volvo outside China – most likely in Hong Kong – as it did when it bought a minority stake in Manganese Bronze, the UK maker of London black cabs, in 2007.
General Motors has thus far failed to sell its Hummer brand, in spite of efforts to interest Chinese and other potential buyers.
参考译文：
福特汽车(Ford Motor)打算出售旗下沃尔沃(Volvo)汽车品牌，已为此开始寻求潜在买家发出指示性报价。预计出售过程将持续至今年底。
上述拍卖将因为全球汽车市场形势以及福特的自身财务状况而变得复杂。
在中国政府推动本国新兴的汽车企业相互整合之际，其对这些企业海外收购的矛盾心态，为拍卖增添了另一层变数。
3位参与或了解出售事宜的人士表示，沃尔沃已经吸引了至少3家中国汽车企业的初步兴趣。
由于瑞典汽车工业的一些人担心知识产权可能泄露给中国，就成立一个以瑞典人为首的投资者财团一事也举行了谈判。
沃尔沃的经理上月在伦敦为潜在竞标者作了业务陈述。上述知情人士表示，目前福特正为这个亏损的品牌寻求指示性报价，虽然有报道称竞标日期为3月中旬，但没有严格的最后期限。
福特将要求潜在买家在信息备忘录的基础上投标，但不会邀请他们参观沃尔沃在瑞典和比利时的两家工厂。摩根大通(JPMorgan)和花旗集团(Citigroup)为福特的此次出售提供顾问服务。
福特没有就出售沃尔沃置评，只是表示正在研究包括出售在内的各项选择。福特已要求潜在的投标者签署保密协议。
沃尔沃与福特共享工程、采购、发动机以及其它部件，因此此次出售将要求买家与福特达成长期供应协议和其它安排，正如去年印度塔塔汽车(Tata Motors)以23亿美元收购捷豹(Jaguar)和路虎(Land Rover)时的情况。
一位银行家表示，出售沃尔沃将需要“5至6个来月，如果不是更长的话”。
业内人士称，福特不太可能收回1999年为收购沃尔沃支付的64.5亿美元，但此次出售与其说是为了筹集现金，还不如说是福特为了专注于美国核心业务。
与通用汽车(GM)或克莱斯勒(Chrysler)不同，当前福特并没有接受联邦政府援助。但分析师警告，如果美国汽车市场的严重低迷状况持续，今年下半年，福特可能就得请求援助。
据一位知情人士透露，中国汽车制造商吉利(Geely)正准备竞购沃尔沃，尽管吉利董事长李书福上周否认了相关传闻。
竞争对手东风汽车公司和长安汽车公司也表示了对沃尔沃的初步兴趣，但不清楚它们会不会竞购。长安与福特合资在华生产沃尔沃汽车。
长安汽车公司昨日拒绝发表评论，东风汽车公司则联络不上。
中国政府已公开劝阻国内呈分散状态的汽车业进行海外收购。中国每年汽车销量不足600万辆，共有约45家汽车制造商。政府正推动它们组成较大型的集团，以利于更有效地竞争。
上海一位要求不具名的行业咨询师表示：“对中方来说，这是一项十分冒险的收购。我怀疑我们是否有足够的能力消化这项收购。”
消息人士表示，随着行业整合，为了提升自身地位，某些中国汽车制造商可能正将自身定位于沃尔沃的潜在买家。
吉利是中国第二大民营汽车制造商，它将寻求在境外融资，以支持对沃尔沃的潜在收购。可能性最大的是在香港。2007年吉利收购伦敦黑色出租车制造商——英国Manganese Bronze公司少数股权时，就采取了相同的做法。
通用汽车迄今未能将旗下Hummer品牌脱手，尽管它努力引起中国及其他地区潜在买家的兴趣。
