Tata Group leads race to win Land Rover, Jaguar; report
03 Nov 2007
Mumbai:
The Tata Group with its over $2-billion offer is understood to be leading
the race to acquire Land Rover and Jaguar, the two British brands of Ford Motor
Company''s loss making Premier Automotive Group, at the close of the second round
of auction. The Indian auto major is believed to have submitted a detailed offer of more than $ 2 billion.
Ford Motor Co. has told labour leaders at its Jaguar and Land Rover units to be prepared to meet with potential buyers on 20 November, signalling that the sale of the British brands is entering its final stage, The Wall Street Journal reported quoting people familiar with the matter.
Ford received firm bids from at least three potential buyers early this week, while less-formal expressions of interest may have also been submitted by other possible private-equity buyers, the report said.
One bidder that appears to hold an increasingly strong position to acquire Jaguar and Land Rover is India''s Tata Motors Ltd., they added.
Other bidders include private equity firms One Equity Partners and Ripplewood Holdings.
Ford''s Jaguar
and Land Rover plants in the Midlands employ about 20,000 people.