Three bidders left for Jaguar & Land Rover
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The bidders include American buyout firm One Equity Partners as well as Indian manufacturers Tata Motors and Mahindra & Mahindra (M&M). The latter is said to be working in conjunction with another equity firm, America’s Apollo.
M&M originally pulled out of the bidding because it was only interested in purchasing Land Rover and not the combined companies, reports Automotive News. It rejoined the auction after partnering with Apollo. If successful, M&M will get control of Land Rover and Jaguar would go to Apollo.
The bidders will be meeting with trade unions and the UK government in the following weeks in an attempt to quell fears of massive job cuts. A spokesman for Ford said and final agreement won’t be made until early next year at the earliest.
The most recent valuation for both carmakers is $1.5 billion, far short of the rumored $6 billion Ford was hoping for.
source: MotorAuthority
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