Renault Not Eying Volvo

Renault SA is not in talks with Ford Motor Co. about a possible acquisition of Volvo Car, says Renault Chairman and CEO Louis Schweitzer.

But bigger investment in Russia is a possibility, the auto maker's top executive tells Ward's in an interview.

Rumors that Renault and Ford were in talks over Volvo have circulated for months and hit a new crescendo at the Bologna, Italy, auto show in December.

Ford execs, including COO Nick Scheele, have denied the reports. And Schweitzer also puts the speculation to rest quickly.

“They did not come from Renault,” he says of rumors there have been meetings concerning Volvo between he and Ford CEO Bill Ford Jr. “As far as I know, Volvo is not for sale and Renault has expressed no interest in buying them.”

Schweitzer says Renault plans to stand pat when it comes to acquisitions.

Its ownership of South Korea's former Samsung Motors Inc. and Romania's Automobile Dacia SA and controlling stake in Japan's Nissan Motor Co. Ltd., all acquired over the last four years, give Renault the breadth it needs to compete globally, he says.

Schweitzer says the aforementioned acquisitions now make Renault a “global player.”