What everybody already knew is now official, Ford has announced that it would like Tata to take over the reins of Jaguar and Land Rover. Speculations on the topic were hot and but everybody seemed to agree that the Indian giant would emerge the winner. Negotiations between Ford and Tata have now moved into an advanced level. Though Ford says there are plenty more steps to go, Tata is clearly miles ahead of Mahindra & Mahindra and One Equity Partners LLC, the competing bidders. Scroll down to read the official statement from Lewis Booth, chairman of the PAG.
Press Release:
STATEMENT: POTENTIAL SALE OF JAGUAR LAND ROVER
DEARBORN, Mich., Jan. 3, 2008 - The following statement is attributable to Lewis Booth, executive vice president - Ford of Europe and Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo and Ford of Europe):
‘Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business.’
“There is still a considerable amount of work to do, and while no final decision has been made, we will 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.”
