Ford announced today it is officially looking to sell Volvo, the premium Swedish automaker that the company acquired in 1999 and made an important part of its Premier Auto Group (PAG). Oh what a difference a decade makes. Ford paid $6.45 billion in 1999 dollars for the automaker in a fierce bidding war with Volkswagen AG and Fiat. In preparation for a sale Volvo will be made more of a stand-alone company. Volvo was the last of the PAG brands left after Land Rover/Jaguar were sold to Tata and Aston Martin was sold to an investment firm. Why sell the company? In the midst of a bad market the company's slumping sales are a thumb on Ford's already heavy scales. Who would buy Volvo? Why not Volkswagen or Fiat? Both companies could pick it up for an amount we assume is less than $6.45 billion. Press release below the jump.
Kinja is in read-only mode. We are working to restore service.