LONDON: After months of speculation, struggling Ford Motor Company has apparently revealed to British Parliamentarians that it is to sell-off its UK-based Jaguar and Land Rover luxury brands.
The pair are part of the automaker's Premier Automotive Group division, as was sports car marque Aston Martin, sold earlier this year for £479 million ($924m; £701.9m) [WARC News: 13-Mar-07].
It is understood, however, that PAG's Swedish-based Volvo brand is not under the hammer [WARC News: 31-May-07].
Ford, which is seeking to turn round last year's record $12.6 billion loss and to bolster its flagging North American operations, has asked investment bankers Goldman Sachs, Morgan Stanley and HSBC to advise on the sale.
The automaker will most likely find a buyer for the two brands (being sold as one lot) among private equity investors. Some reports suggest a price tag of £3 billion.
Data sourced from Financial Times Online and Data sourced from BBC Online; additional content by WARC staff