Two people briefed on the negotiations between Ford Motor Co. and India's Tata Motors Ltd. say the automakers could announce an agreement for Tata to buy Jaguar and Land Rover as soon as next week.
Ford Motor Co. is selling its Jaguar and Land Rover brands to India's Tata Motors Ltd. in a deal that will net the U.S. automaker $1.7 billion — roughly a third of the price it paid for the two luxury brands.
Ford Motor Co., eager to raise cash starting a difficult 2008, is in final discussions with one bidder, the Indian conglomerate Tata Group, to sell its Jaguar and Land Rover brands and a sale is expected to be completed soon. Tata has 98 companies in a variety of industries and has been rumored to be the front-runner for some time.
Ford Motor Co. may choose India's Tata Motors Ltd. as the preferred bidder for its Britain-based Jaguar and Land Rover brands, Bloomberg reported, citing a person familiar with the deliberations. The selection would allow Ford to negotiate exclusively with Tata before reaching a final agreement.
