Multiple Suitors Interested in Ford's Jaguar, Land Rover
July 19, 2007

Turns out, suitors -– as many as a half-dozen –- are interested in Jaguar and Land Rover.

The Financial Times in London reports today that Ford expects up to six bids for the two British marques, which could kick off a surprisingly competitive auction.

Among the suitors are –- not surprisingly –- private equity firms Cerberus Capital Management (the upcoming owner of Chrysler), Ripplewood Holdings and One Equity Partners. Another is India’s Tata Motors.

One of the One Equity Partners is none other than Jac Nasser, the former Ford CEO who was the architect of Ford’s Premier Automotive Group that is now being dismantled.

Tata Motors is an intriguing one. Carmakers from India are expected to be a force in the future. Its parent, the Tata Group, is listed on the New York Stock Exchange so it has the money to buy Jaguar and/or Land Rover. But its experience is in small, cheap vehicles not luxury vehicles.

The Financial Times also reported Hyundai was bidding, but the South Korean automaker denies the report. In fact, Hyundai comes up whenever a car company is on the selling block as it was with Chrysler.

The paper suggests the auction could move quickly as Ford hopes to select two final bidders in the next couple of weeks. The carmaker hopes to sell the two brands together, but the suitors may be interested in one or the other.

In the U.K., the sale of Jaguar and Land Rover is likely to be controversial, the Financial Times reports, especially if the private equity firms are the front-runners. Such groups are under attack in the U.K., accused of cutting jobs, stripping assets and operating secretively. Trade unions want Ford to keep a stake in the companies and the next owner to keep the three U.K. factories open.

Posted by Michelle Krebs at 6:51 AM under Business , Ford , News | Comments (0) | digg this | Seed Newsvine