Ford slows down Volvo bidding process - journal

Eyeing a better price, US auto maker Ford Motor Co. is slowing down the bidding process for its Volvo car unit, the Wall Street Journal said, citing a person close to the company.

Ford will wait for General Motors GM.UL to sell Opel and is looking at inviting the losing bidder to bid for Sweden-based Volvo, the person told the paper.

"Expect nothing to happen for another three to four weeks" with Ford waiting for GM to finalise an Opel buyer, the person was quoted by the paper as saying. Ford did not immediately respond to a Reuters e-mail seeking comment that was sent outside of regular US business hours. The US car maker put the money-losing Volvo cars unit up for sale in December, as it looked to cut costs and raise cash amid industry-wide record-low vehicle sales.

Ford chief financial officer Lewis Booth told reporters after second-quarter results that the company was in talks with a number of parties on Volvo.