Beijing Auto joins hunt for Volvo

Beijing Automotive Industry Corp (BAIC) has joined Geely in the competition for the acquisition of Ford’s Volvo brand, the Wall Street Journal reported, citing people familiar with the matter. BAIC executives may visit Volvo’s Swedish headquarters as early as Thursday to begin due diligence on the acquisition target. BAIC’s interest in the firm comes as the bidding for Volvo has been narrowed down to three or four parties, including Geely. It is not the first time that BAIC has submitted a late bid; it expressed interest in GM’s Opel one day after the deadline for bids for that brand. Earlier reports suggested that BAIC may also be interested in purchasing GM’s Saab brand.