Tata poised to win luxury brands from Ford |
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December 21, 2007 |
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Tata Motors of India is poised to be named as the preferred buyer for Ford Motor's luxury brands Jaguar and Land Rover after beating rivals with its bid, Indian and British media reported. "The group has had its 1 billion pound bid (USD 1.98 billion) accepted by Ford ... The firm has beaten off competition from rival Indian firm Mahindra and Mahindra and private equity group One Equity Partners," the Birmingham Post reported, citing unnamed Land Rover sources. Citing people close to the situation, the Financial Times reported that Tata had pulled ahead of Mahindra & Mahindra and One Equity, with an offer in the range of USD 1.8 billion to USD 2.2 billion. Earlier, Ford
had said it could announce the sale of Jaguar and Land Rover by
the year-end
or early next year. Owing to its larger
size, its dealmaking record and its familiarity with the UK market,
Tata was seen as a front-runner to win the brands. Also, Ford's UK
union leaders last month backed Tata Motors' bid on the grounds that
the workforce's interests would best be served by a partner "with
an established presence and background in manufacturing".
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