DeeJay
31st October 2007, 12:28 PM
In todays paper for those who missed it.:(
Ford's big car sale: Jaguar, Land Rover buyers shortlisted
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Mark Milner, London
October 31, 2007
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FORD is expected to draw up a shortlist of preferred bidders for Jaguar and Land Rover next month with six companies still in the race to buy two of Britain's most prestigious car marques.
The car maker said it hoped to reach a conclusion by the end of the year or by early next year. But it is becoming clear that deciding the future of Jaguar and Land Rover has proved more complex than expected.
The two companies, which are being sold together, are attracting attention from trade and private equity buyers.
India's Tata group, which bought the steel maker Corus this year, is one of the frontrunners, alongside the private equity groups One Equity, whose interest is led by the former global chief executive of Ford and chief executive of Ford Australia, Jac Nasser; Ripplewood and TPG.
Terra Firma and Cerberus, which bought Chrysler this year, are seen as being in the running, though industry sources have questioned whether Cerberus would be willing to take on two big automotive acquisitions so close together.
The Indian car company Mahindra & Mahindra, thought earlier to have been among the contenders for Jaguar and Land Rover, is said to have pulled out.
Ford is unlikely to make a decision simply on price. It is determined to maintain contracts to supply engines to Jaguar and Land Rover after the sale and may retain a stake in the brands, similar to its 10 per cent holding in Aston Martin after its sale this year.
Issues such as pension funds and European Union plans to apply statutory limits on vehicle carbon dioxide emissions also have to be tackled.
Even valuing the two brands is becoming complex.
Analysts had estimated they would be worth between $US1.3 billion and $US1.5 billion ($A1.41 billion and $A1.62 billion).
The timing of the announcement has yet to be confirmed as the company enters crucial talks with the United Auto Workers union, where it will be seeking significant cuts in operating costs.
GUARDIAN
Ford's big car sale: Jaguar, Land Rover buyers shortlisted
Email (http://www.theage.com.au/cgi-bin/common/popupEmailArticle.pl?path=/articles/2007/10/30/1193618885107.html)
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Mark Milner, London
October 31, 2007
Advertisement
FORD is expected to draw up a shortlist of preferred bidders for Jaguar and Land Rover next month with six companies still in the race to buy two of Britain's most prestigious car marques.
The car maker said it hoped to reach a conclusion by the end of the year or by early next year. But it is becoming clear that deciding the future of Jaguar and Land Rover has proved more complex than expected.
The two companies, which are being sold together, are attracting attention from trade and private equity buyers.
India's Tata group, which bought the steel maker Corus this year, is one of the frontrunners, alongside the private equity groups One Equity, whose interest is led by the former global chief executive of Ford and chief executive of Ford Australia, Jac Nasser; Ripplewood and TPG.
Terra Firma and Cerberus, which bought Chrysler this year, are seen as being in the running, though industry sources have questioned whether Cerberus would be willing to take on two big automotive acquisitions so close together.
The Indian car company Mahindra & Mahindra, thought earlier to have been among the contenders for Jaguar and Land Rover, is said to have pulled out.
Ford is unlikely to make a decision simply on price. It is determined to maintain contracts to supply engines to Jaguar and Land Rover after the sale and may retain a stake in the brands, similar to its 10 per cent holding in Aston Martin after its sale this year.
Issues such as pension funds and European Union plans to apply statutory limits on vehicle carbon dioxide emissions also have to be tackled.
Even valuing the two brands is becoming complex.
Analysts had estimated they would be worth between $US1.3 billion and $US1.5 billion ($A1.41 billion and $A1.62 billion).
The timing of the announcement has yet to be confirmed as the company enters crucial talks with the United Auto Workers union, where it will be seeking significant cuts in operating costs.
GUARDIAN