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Ford advances Jaguar and Land Rover sale talks
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U.S. carmaker Ford Motor Co. said in a statement that it’s pleased with the positive expressions of interest in the business and that it plans to continue talks with selected suitors for its Jaguar and Land Rover brands. The company is exploring in greater detail the potential sale of the combined Jaguar Land Rover business with selected parties who have expressed interest, informs a Reuters report. However, Ford added there is no guarantee it will agree to a sale.
A person familiar with the matter said that Indian companies Tata and Mahindra & Mahindra Ltd., along with U.S. buyout firms TPG and Ripplewood, were among those that  expressed interest in the marques. Ford is also evaluating the possibility to sell the brands to Volvo. Other sources familiar with the situation had said earlier this month that Ford declines to comment on the identity of possible bidders and requests expressions of interest and loose valuations from potential bidders by July 19. Last month Ford said it was working with financial advisers on the best options for Jaguar and Land Rover, and according to sources the banks on the deal are Goldman Sachs, HSBC Holdings Plc, and Morgan Stanley. The No. 2 U.S. automaker has faced scrutiny over how it will raise and maintain liquidity as it restructures its money-losing North American operations, and could get cash infusion from the sale of the two nameplates, whose combined value was put at $1.3 billion to $1.5 billion in March by Merrill Lynch analysts. Many firms generally interested in the auto business chose to sit out the process because Jaguar is unprofitable and Land Rover lacks the trophy asset allure of Aston Martin, which Ford sold earlier this year, and neither brand has the scale of Chrysler, which DaimlerChrysler has agreed to sell to Cerberus. Ford said it swung to a surprise second-quarter profit after seven quarters of losses, which reflects cost-cutting and a turnaround at its core automotive operations.
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