Jaguar, Land Rover to attract keen bidding
By Our Corporate Bureau | 19 Jul 2007
After the sale of Aston Martin Lagonda that makes the luxury car Aston Martin, in March this year, observers expect US carmaker Ford, currently in the midst of restructuring that involves divesting some brands from its Premier Automotive Group, to receive a number of proposed takeover offers for its UK-based Jaguar and Land Rover divisions. The deadline for potential buyers to make an offer expires later in the day.
So far, three private equity firms have indicated an interest in Ford's Jaguar and Land Rover divisions, reports the UK-based business daily Financial Times, with reports of Tata Motors having been widely published in Indian business dailies. (See: Tata Motors may bid for Ford's Jaguar and Land Rover, roll out Ferrari)
Earlier this year, Ford had sold its Aston Martin marqué to a group of investors including racing moghul David Richards and a pair of Kuwaiti companies. The US automaker is expected to choose the final bidders for Jaguar and Land Rover next month, with analysts anticipating a private equity sale as the most likely outcome.
Ford plans to deploy the proceeds from the sales off its luxury car portfolio for the rest of its operations. It is estimated that the sale of Jaguar and Land Rover could raise as much as $1.5 billion.
Earlier this week, Ford denied that it was in talks about selling off its Swedish car making division Volvo, which it bought in 1999.
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