Tata set to buy Jaguar, Land Rover
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[12/24/2007] Paris/Mumbai - Three bidders for Ford's Jaguar and Land Rover marques remain in the process, said a person familiar with the matter on Friday, but India's Tata still looks favourite to seal a deal which may not come until new year.
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Paris/Mumbai - Three bidders for Ford's Jaguar and Land Rover marques remain in the process, said a person familiar with the matter on Friday, but India's Tata still looks favourite to seal a deal which may not come until new year.
Tata Motors, rival Mahindra & Mahindra and US-based private equity firm One Equity Partners emerged last month as the last bidders left in the race for the two luxury brands.
And they remain in the auction which is likely to fetch about $2bn, said the person, though Tata is viewed as most likely to eventually win the bid.
The Indian group has the backing of the UK-based brands' unions and is viewed as a long-term owner that will invest in the units, the person told Reuters on Monday.
British media had earlier reported Ford was set to announce Tata as the preferred buyer for the brands on Friday, but the person said on Friday Ford has made no final decision on a clear frontrunner.
Any announcement would likely be made after the company had informed its staff after the Christmas and new year break.
A spokeswoman for Tata declined to comment, as did a spokesman for Mahindra & Mahindra. Ford also declined to comment.
Ford's UK union leaders last month backed Tata's bid on the grounds that the workforce's interests would best be served by a partner with an established presence and background in manufacturing. (Reporting by Mathieu Robbins and Devidutta Tripathy; Editing by Lincoln Feast and David Holmes)
Tata Motors, rival Mahindra & Mahindra and US-based private equity firm One Equity Partners emerged last month as the last bidders left in the race for the two luxury brands.
And they remain in the auction which is likely to fetch about $2bn, said the person, though Tata is viewed as most likely to eventually win the bid.
The Indian group has the backing of the UK-based brands' unions and is viewed as a long-term owner that will invest in the units, the person told Reuters on Monday.
British media had earlier reported Ford was set to announce Tata as the preferred buyer for the brands on Friday, but the person said on Friday Ford has made no final decision on a clear frontrunner.
Any announcement would likely be made after the company had informed its staff after the Christmas and new year break.
A spokeswoman for Tata declined to comment, as did a spokesman for Mahindra & Mahindra. Ford also declined to comment.
Ford's UK union leaders last month backed Tata's bid on the grounds that the workforce's interests would best be served by a partner with an established presence and background in manufacturing. (Reporting by Mathieu Robbins and Devidutta Tripathy; Editing by Lincoln Feast and David Holmes)
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