Majority of Swedes support state takeover of Volvo Cars
Stockholm - A majority of Swedes favour the Swedish state's temporary takeover of Volvo Cars if its US owner Ford cannot secure Volvo's future, according to a survey published Saturday.
The survey, commissioned by the Swedish Association of Graduate Engineers, said 60 per cent of Swedes believed there was a big or quite big risk that Volvo Cars would disappear from Sweden in a few years.
A majority, 64 per cent, favoured the state's stepping in and offer the cash-strapped company a loan if necessary, while 68 per cent favoured temporary state ownership.
Market research group Novus conducted the poll among 1,000 voters, the Dagens Nyheter newspaper reported.
The engineers' association said state-ownership should be viewed as a "temporary parking spot."
Swedish Finance Minister Anders Borg did not "rule out any options" when interviewed on commercial broadcaster TV4's morning show.
Borg said that he "did not believe in state ownership," adding that it was necessary to look at all options.
The finance minister said European Union rules on state support to companies could prove a stumbling block, and the companies needed "long-term viable industrial owners."
Options included seeking possible funding from EU funds for the car industry and ensuring that the labour market board had sufficient means to help employees that are made redundant and "have a strong research and development base for the Swedish car industry."
Borg underlined that the car industry was not comparable with the Swedish shipyard industry that collapsed during the 1970s despite substantial government efforts to salvage the shipyards.
"These are industries for the future," Borg said of Volvo Cars and rival Saab that is owned by General Motors. (dpa)