Geely's Volvo bid not 'worth it'

Geely Holdings Group's rumored bid to acquire Ford's luxury brand Volvo, analysts said yesterday, would not be in the best interests of the Chinese automaker.

"I am not optimistic about Geely's chances for Volvo. Is a small Chinese company capable of paying such a big sum for Volvo?" said Zhong Shi, an independent auto analyst based in Beijing.

Last year, Ford put a price tag of $6 billion for Volvo. Although the industry downturn has shrunk Volvo's value, analysts estimated the deal would still be worth between $1 billion and $1.5 billion at present.