Ford ´has sold´ Jaguar and Land Rover
Have Jag-Land Rover been sold already?
Author: Robin Brown
Published: 04 December 2007
Ford has announced that it expects the sale of Jaguar and Land Rover to be completed by the end of the year, amid rumours that the Blue Oval marque has already done the deal with Tata Motors.
Ford CEO Alan Mullally said Ford´s intent on completing the sale by the end of 2007 or start of 2008 while at a ceremony marking the agreement with the UAW union that was reached last month.
But rumours circulating on the internet suggest that Ford has already sold Jaguar and Land Rover to Tata Motors. Analysts had previously suggested that the sale could net Ford up to £700m ($1.5bn).
Ford paid a combined £3.3bn for the marques when it bought Jaguar for £1.6bn in 1989 and £1.7bn for Land Rover in 2000. Jaguar and Land Rover employ nearly 20,000 workers in the UK.
Ford netted £450m when it sold Aston Martin earlier this year, but has ruled out selling Volvo.
Three bidders were thought to be still be in the race for the premium marques: Tata Motors; Mahindra & Mahindra; and the OneEquity private finance group.
Ford has declined to comment on the speculation.
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