Ford in talks with Tata over Jaguar, Land Rover sale
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Ford in negotiations with Indian automaker over sale of its two subsidiary luxury brands.
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NEW YORK/MUMBAI  - The Ford Motor Company  is expected to receive opening bids on Thursday for its Jaguar and Land Rover brands from a number of companies including private equity firms and other automakers, the New York Times reported on Thursday, citing people with direct knowledge of the situation.
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The British government has contacted Ford following a report the US automaker is to sell luxury brands Jaguar and Land Rover, an official spokesman said Tuesday amid concern for the fate of British jobs.
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Automaker Ford Motor Co.  is in  talks to sell some luxury-auto brands to an investment group  led by its former Chief Executive Officer Jacques Nasser,  Bloomberg news service reported on its Web site, citing four  people familiar with the discussions.
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Britain said Tuesday it has contacted ailing US automaker Ford amid concern for 19,000 British jobs following a report that Ford sought to sell its British luxury brands Jaguar and Land Rover.
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The Indian company said it was entering detailed talks with Ford about the takeover of Jaguar and Land Rover.
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The automaker said today that it had received several opening bids for Jaguar and Land Rover but had made no decisions on the fate of the two British brands.
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Ford Motor Co.  has hired accountancy group KPMG to examine the books at its British units Jaguar and Land Rover ahead of their expected sale later this year, the Sunday Times reported.
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The Indian company said that it was entering detailed talks with Ford about the takeover of Jaguar and Land Rover, confirming what investors and analysts have anticipated for months.
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Automaker Ford Motor  may sell Land  Rover, a maker of four-wheel-drive vehicles, along with Jaguar,  as part of a shake-up of its British brands, The Sunday Times  newspaper reported.
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"We hope both parties can reach an agreement in the forthcoming weeks, though these are complex discussions and there is still much work that needs to be done before that position is reached."  Ford Motor Co. picked India's Tata Motors Ltd. as the top bidder for its Jaguar and Land Rover units, the Detroit automaker said Thursday. Ford has entered into "focused negotiations at a more detailed level" with Tata, meaning it has become the preferred bidder for the storied British automakers, the company said in a statement. "There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned," Lewis Booth, executive vice president of Ford's European units, said in a statement. Read more
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Ford picked Indiaâs Tata Motors as the top bidder for its Jaguar and Land Rover units, the Detroit automaker said.
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The chairman of Indian conglomerate Tata has confirmed that he is interested in making a bid for Jaguar and Land Rover.
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Ford Motor Co. said Tuesday it was reviewing its position on its Jaguar and Land Rover businesses, and union officials pressed for more information amid reports that the two brands were up for sale.
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India's Tata Motors  is set to be named as the preferred buyer for Ford Motor's  luxury brands Jaguar and Land Rover as early as Friday after beating rivals with a bid of around $2 billion, Indian and British media reported.
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Ford Motor Co  is poised to name India's Tata Motors  as preferred bidder for its Jaguar and Land Rover brands, Britain's Sunday Times newspaper reported.
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The luxury brand Jaguar is poised to join Tata Motors, a widely diverse Indian auto company that makes tractor-trailers, full-size S.U.V.âs and the worldâs cheapest car.