Jan 03, 2008 - "Officially Official: Ford picks Tata as preferred bidder for Jaguar/Land Rover
Posted Jan 3rd 2008 11:25AM by Noah Joseph
Filed under: Ford, Jaguar, Land Rover, Earnings/Financials
Previous rumors that Indian automaker Tata was chosen by Ford from among a group of bidders to buy Jaguar and Land Rover have proven to be true, as both Tata and Ford announced earlier today that they have moved into advanced negotiations on the sale of the two British marques.
Although both companies were quick to point out that there are still a number of steps before the deal is finalized, informed insiders have confirmed that the two competing bidders, Mahindra & Mahindra Ltd and One Equity Partners LLC, have effectively been rejected in favor of Tata.
Factory workers at Jaguar and Land Rover in England were reportedly informed shortly before the announcement went public. Ford, the biggest seller of automobiles in the UK, reportedly wants the new owner of Jaguar and Land Rover to retain the bulk of their existing 15,300-strong British work force, and Jaguar's principal union has expressed its preference for Tata.
Although Ford needs the cash injection from selling off its subsidiaries, the automaker is anticipated to pursue a similar relationship with Jaguar and Land Rover that it maintains with Aston Martin: continuing to supply components, including engines, even after the divisions are sold off.
Follow the jump to read the official statement from Ford of Europe and PAG chairman Lewis Booth.
[Source: Detroit Free Press]"
(News Link)
Posted Jan 3rd 2008 11:25AM by Noah Joseph
Filed under: Ford, Jaguar, Land Rover, Earnings/Financials
Previous rumors that Indian automaker Tata was chosen by Ford from among a group of bidders to buy Jaguar and Land Rover have proven to be true, as both Tata and Ford announced earlier today that they have moved into advanced negotiations on the sale of the two British marques.
Although both companies were quick to point out that there are still a number of steps before the deal is finalized, informed insiders have confirmed that the two competing bidders, Mahindra & Mahindra Ltd and One Equity Partners LLC, have effectively been rejected in favor of Tata.
Factory workers at Jaguar and Land Rover in England were reportedly informed shortly before the announcement went public. Ford, the biggest seller of automobiles in the UK, reportedly wants the new owner of Jaguar and Land Rover to retain the bulk of their existing 15,300-strong British work force, and Jaguar's principal union has expressed its preference for Tata.
Although Ford needs the cash injection from selling off its subsidiaries, the automaker is anticipated to pursue a similar relationship with Jaguar and Land Rover that it maintains with Aston Martin: continuing to supply components, including engines, even after the divisions are sold off.
Follow the jump to read the official statement from Ford of Europe and PAG chairman Lewis Booth.
[Source: Detroit Free Press]"
(News Link)
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