Ford sets date for Jaguar and Land Rover bids
Ford sets date for Jaguar and Land Rover bids
Ford sets date for Jaguar and Land Rover bids
http://www.ft.com/cms/s/0b3cc7c2-2d8...0779fd2ac.html
By Robert Wright Published: July 8 2007 22:39 | Last updated: July 8 2007 22:39[/align]
Potential bidders for the Jaguar and Land Rover car businesses have been told they have until July 19 to submit indicative bids for the two British car brands, according to people familiar with Ford’s plans to sell the businesses.
However, any sale could still be some time off because Ford has not yet prepared full documentation on the two brands, whose operations are closely interlinked and which also have complex relationships with the wider Ford group.
Ford’s plans to sell the two prestige marques became public last month.
Land Rover has enjoyed a revival of fortunes recently and is profitable, while Jaguar remains lossmaking.Bids are expected to come predominantly from private equity bidders, since large carmakers – many of whom are struggling with significant capacity and cost problems – are reluctant to take on fresh challenges.The deadline was revealed in yesterday’s Sunday Times and confirmed by people familiar with the sell-off process.
No one would comment publicly on the process. Among the funds to have received information from Ford’s advisers on the sale are thought to be Cerberus Capital Management, which paid $7.4bn (£3.67bn) in May for DaimlerChrysler’s US-based Chrysler business; Ripplewood Holdings; and One Equity Partners. One Equity’s partners include Jac Nasser, the former chief executive of Ford, during whose reign Ford’s Premier Automotive Group, of which the two British brands are part, was established.
Ford would prefer to sell the two brands – which share many central common management functions – together, but it has made preparations to sell them separately if necessary.The sell-off process is likely to prove challenging.
The two brands together sell only 300,000 cars annually, meaning they are likely to remain dependent on Ford for engines and some other technical assistance.
Both have been dogged by problems over their products’ quality.
They also face significant spending to reduce the emissions of their cars to meet tougher environmen-tal requirements in many countries.
Copyright The Financial Times Limited 2007[/align]
http://www.ft.com/cms/s/0b3cc7c2-2d8...0779fd2ac.html
By Robert Wright Published: July 8 2007 22:39 | Last updated: July 8 2007 22:39[/align]
Potential bidders for the Jaguar and Land Rover car businesses have been told they have until July 19 to submit indicative bids for the two British car brands, according to people familiar with Ford’s plans to sell the businesses.
However, any sale could still be some time off because Ford has not yet prepared full documentation on the two brands, whose operations are closely interlinked and which also have complex relationships with the wider Ford group.
Ford’s plans to sell the two prestige marques became public last month.
Land Rover has enjoyed a revival of fortunes recently and is profitable, while Jaguar remains lossmaking.Bids are expected to come predominantly from private equity bidders, since large carmakers – many of whom are struggling with significant capacity and cost problems – are reluctant to take on fresh challenges.The deadline was revealed in yesterday’s Sunday Times and confirmed by people familiar with the sell-off process.
No one would comment publicly on the process. Among the funds to have received information from Ford’s advisers on the sale are thought to be Cerberus Capital Management, which paid $7.4bn (£3.67bn) in May for DaimlerChrysler’s US-based Chrysler business; Ripplewood Holdings; and One Equity Partners. One Equity’s partners include Jac Nasser, the former chief executive of Ford, during whose reign Ford’s Premier Automotive Group, of which the two British brands are part, was established.
Ford would prefer to sell the two brands – which share many central common management functions – together, but it has made preparations to sell them separately if necessary.The sell-off process is likely to prove challenging.
The two brands together sell only 300,000 cars annually, meaning they are likely to remain dependent on Ford for engines and some other technical assistance.
Both have been dogged by problems over their products’ quality.
They also face significant spending to reduce the emissions of their cars to meet tougher environmen-tal requirements in many countries.
Copyright The Financial Times Limited 2007[/align]
Grand Champion
Joined: Nov 2005
Posts: 6,258
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From: Charleston, SC
RE: Ford sets date for Jaguar and Land Rover bids
Land Rover could be a valuable asset to Chrysler AG in regards to the Jeep brand...but other then the namesake, I think Jaguar would be a waste of Ceberus' money.
R.I.P. Dusty (Retired Moderator
Joined: Dec 2003
Posts: 24,471
Likes: 0
From: Alamosa, Colorado (200 yards from the Rio Grande)
RE: Ford sets date for Jaguar and Land Rover bids
The rich folks around here buy alot of them both, but they also have the service people coming over all the time to take the car back to the dealers due to problems.......
Dusty
Dusty