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Ford Opens Premier Marque AuctionA former president of Chrysler, the US car group, is thought to be among a handful of bidders to have made an indicative offer for Land Rover and Jaguar, it emerged today. Opening bids for the esteemed British car marques 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. &&&§ionName=IndustrySectorsEngineering,mywindow,menubar=0,resizable=0,width=615,height=655); Background Union leaders call for talks over Jaguar sale Ford family consider relinquishing control Ford chief paid $28m as carmaker splutters to $12.7bn lossThe 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. Any deal is likely to spark a backlash from unions, which are worried that a sale could trigger hundreds of British redundancies. Jaguar employs 10,000 staff at factories in Coventry, Birmingham and Liverpool, and Land Rover, whose main sites are in the West Midlands, employs 9,000. A Ford spokesman said: “We have had contact from interested parties and we are actively evaluating them. “But they have only been preliminary discussions and no final decision has been made.” Ford has already sold off Aston Martin and is understood to also be considering putting Volvo, the Swedish car group, into the auction. The high-end marques form part of Ford’s Premier Automotive Group (PAG). It is thought that Ford remains open to selling Land Rover and Jaguar separately or as a package. Tony Woodley, joint general secretary of Unite, reiterated that Ford must include the unions in “all stages” of the sale process. He gave warning that the effects of the deal could dwarf Ford Dagenham, Vauxhall Luton and MG Rover combined. He said: “The last thing that you should consider is an auction in which the highest bidder wins, irrespective of the consequences.” Clarkson v The World in Driving Tag CloudExternal InformationAdditional InformationSteven T. Florio, Executive Who Expanded Condé Nast, Dies at 58...Writers Ratify Contract... The Very Expensive Reality of Chasing Reality TV... Advertising: Job Cuts Averted as Bid for Journal Stays Open... Where Am I?News Main Page - Business - Ford Opens Premier Marque Auction |
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