Ford seeks a Volvo buyer to bolster bailout chances

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Insiders say JPMorgan Chase is advising Ford, which bought Volvo for $6.4 billion in 1999. But some analysts say Ford may not achieve its price target as it tries to sell the Swedish marque under pressure.

It flagged a possible Volvo sale earlier this week as a goodwill gesture to US congressmen from whom it is seeking a bailout.

The Big Three from Detroit - Ford, General Motors and Chrysler - are asking the US for $34 billion in aid at talks in Washington today. Ford is in slightly better shape than GM and Chrysler but has still lost $24 billion since 2005.

Chief executive Alan Mulally had until May maintained a target of returning to profit next year.

Potential buyers for Volvo include buyout group TPG. It had been interested in Jaguar and Land Rover, which Ford eventually sold to India's Tata Motors.