Ford opens Land Rover and Jaguar auction
Published July 19th, 2007
Opening bids for the esteemed British car makers were scheduled to be lodged today with Ford, the present owner.
It is understood that at least three private equity bidders are circling, including the New York-based Ripplewood Holdings, a group headed by Thomas T. Stallkamp, who left Chrysler in 1999.
The New York Times reported today that One Equity Partners, a firm led by Jacques A. Nasser, a former Ford chief executive, may also take part in the auction.
The India-based Tata Motors declined to comment on reports that it was considering a bid.
Ford has put Land Rover and Jaguar up for sale in an attempt to cut its debts and allow management to concentrate on reviving its fortunes in North America.
The US car giant plunged $12.6 billion (£6.1 billion) into the red last year and lost its position as the second-biggest car firm in the US, in terms of sales, to Toyota.
Industry experts believe that Ford could generate $1.5 billion (£750 million) by selling the two British businesses.
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