Lighting90
4th Jan 2008, 09:26
Ford confirms Tata Motors as lead bidder for Land Rover and Jaguar
Ford Motor Co. issued a statement on 3rd January attributed to Lewis Booth, executive vice president – Ford of Europe and Premier Automotive Group (Chairman – Jaguar, Land Rover, Volvo and Ford of Europe), saying: “Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business.
"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned," the statement concluded.
A statement from Tata Motors confirmed, “We have had positive discussions so far with Ford concerning the possible purchase of Jaguar/Land Rover and we are now entering a period of more focused and detailed negotiations. We hope both parties can reach an agreement in the forthcoming weeks, though these are complex discussions and there is still much work that needs to be done before that position is reached.”
Tata Motors had for several weeks been reported by media to be Ford’s most favoured bidder for the two British PAG brands, ahead of Mahindra & Mahindra and One Equity, a private equity bid led by former Ford Motor Co. CEO Jac Nasser. The three bidders held consultations late last year with the Unite trade union, which voiced its preference for Tata.
Ford Motor Co. issued a statement on 3rd January attributed to Lewis Booth, executive vice president – Ford of Europe and Premier Automotive Group (Chairman – Jaguar, Land Rover, Volvo and Ford of Europe), saying: “Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business.
"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned," the statement concluded.
A statement from Tata Motors confirmed, “We have had positive discussions so far with Ford concerning the possible purchase of Jaguar/Land Rover and we are now entering a period of more focused and detailed negotiations. We hope both parties can reach an agreement in the forthcoming weeks, though these are complex discussions and there is still much work that needs to be done before that position is reached.”
Tata Motors had for several weeks been reported by media to be Ford’s most favoured bidder for the two British PAG brands, ahead of Mahindra & Mahindra and One Equity, a private equity bid led by former Ford Motor Co. CEO Jac Nasser. The three bidders held consultations late last year with the Unite trade union, which voiced its preference for Tata.