Latest news, via industry auto daily report:
BIDDING HEATS UP FOR JAGUAR, LAND ROVER. Ford
Motor Co. is expected to receive as many as six preliminary
bids for its Jaguar and Land Rover brands by today’s deadline,
according to the Financial Times.
The London newspaper says at least one automaker is
expected to be among the bidders, probably India’s Tata
Motors Ltd. At least three private equity firms—Cerberus
Capital Management, One Equity Partners and Ripplewood
Holdings—also are likely to make offers.
Meanwhile, today’s Detroit News says Ford has put
significant restrictions on bidders. The newspaper says
prospective buyers must promise not to restructure the two
brands—a sop to British unions and politicians who fear
plant closings.
The News also says bidders aren’t being allowed to
tour Jaguar and Land Rover factories or meet with the
brands’ executives.