Tata takeover of LR Jag looks likely
Ford commits to negotiations with Tata for takeover of Jaguar and Land RoverThe Ford Motor Company has confirmed Indian company Tata is most likely to emerge as successful bidder for the combined Land Rover Jaguar business.
In a brief statement released on Thursday this week Ford said the company would remain "committed to focussed negotiations at a more detailed level with Tata Motors concerning the potential sale" of the two brands.
The statement confirms India's biggest car manufacturer Tata has won bidding rights for the brands over compatriot maker, Mahindra, and Jac Nasser's 'One Equity' investment firm. It is the first time Ford has confirmed there is a potential buyer for the brands.
Ford admitted there was "still a considerable amount of work to do" and that a final decision had yet to be made.
However, the company said it would "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."
Ford announced the brands would be up for sale in June last year.
Aston Martin, formerly also part of the company's Premier Automotive Group, was sold to Prodrive's David Richards in March.
Volvo will be the sole 'premier' brand in the group once the Land Rover Jaguar business is sold.
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