Ford announcement set for next week
Feb. 26
Tata also denied press reports that it plans to sell the luxury sports car brand Jaguar shortly after the purchase, or that it wants to build Land Rover off-road vehicles in lower-cost India, Osborne said in a telephone interview with The Associated Press. Talks with Tata concluded last week, and the union will seek a written document after some minor issues are ironed out with Ford, Osborne said. Ford, which lost $2.7 billion last year and $12.6 billion in 2006, has been looking to sell Jaguar and Land Rover for months to help fund the turnaround of its Ford, Lincoln and Mercury brands. Tata Motors is part of Tata Group, India's oldest and largest conglomerate. Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000, joining them with Aston Martin and Volvo to form its Premier Automotive Group.
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Posted Under: Automakers