Geely may launch bid for Volvo

Hangzhou-based automaker Geely could submit a bid for Ford’s Volvo unit as early as next week, the Wall Street Journal reported, citing people familiar with the situation. Geely would reportedly be one of three potential bidders, including one other Chinese company. Geely declined to comment on the report, but Li Shufu, the company’s chairman, denied earlier reports that Geely was in talks to buy Volvo. On Friday, an official at the National Development and Reform Commission warned Chinese firms about the risks of acquiring foreign auto brands, noting "it will be a very big challenge for Chinese companies to stabilize the operations of foreign auto makers and to maintain growth."