US car firm Ford 'to sell Jaguar, Land Rover': El Mundo

15th October 2007, Comments 0 comments

15 October 2007, MADRID -(AFP) - US automaker Ford plans to sell its British marques Jaguar and Land Rover to a single buyer within two months, a Spanish daily reported on Monday.

15 October 2007

MADRID -(AFP) - US automaker Ford plans to sell its British marques Jaguar and Land Rover to a single buyer within two months, a Spanish daily reported on Monday.

The president of Ford Europe, John Fleming, said in an interview with the daily El Mundo: "We are moving forward and within two months at the most, we will know which of the bidders will be the new owner of the two brands."

Asked if the two could be sold separately, he replied, "no, really no.

"Both are closely linked and it would be difficult to sell them separately," he said.

Ford, which announced net losses of 12.6 billion dollars (8.6 billion euros) in 2006 and is restructuring its activities in North America, announced in June that it planned to offload its two British subsidiaries.

The US automaker sold its luxury British marque Aston Martin in March.

Asked whether it might also drop Swedish automaker Volvo, Fleming said there were discussions with a number of parties. He gave no further details but India's Tata group has expressed interest.

He said the plans for Volvo were "less advanced."

"We are doing a strategic analysis to see how this sale would impact Ford. Volvo is an essential partner to develop safety and environmental technology. It would very risky to hand it over to a competitor."

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Subject: Spanish news

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