American consortium Crown has been bidding on Volvo, and they may be on par with Geely’s bid of $1.8 billion.
Crown is led by former Ford director Michael Dingman, former Ford and Chrysler LLC executive Shamel Rushwin and ex-Volvo CEO Roger Holtback. They would make good leaders for Volvo, and they’re probably good bidders as well, hence the possibility of their bid matching Geely’s. Their bid is backed by both Swedish and Chinese investors and banks. It’s hard to say what will happen though, especially with Ford’s talks with Geely at an advanced stage already.