October
10 2007 Jaguar/Land
Rover bidders need more time Bids
for Jaguar and Land_Rover are expected to be finalised by the beginning of November.
According to a Reuters report today, potential bidders need more time to complete
due diligence. With
no set deadline for the bids, the timing could slip further. Earlier this year
Lewis Booth, executive vice president of Ford's European units, said that a decision
would probably not be made until late this year or early 2008. Private
equity companies reportedly in the bidding are One Equity Partners, Ripplewood,
Terra Firma, TPG (Texas Pacific Group), and despite its recent acquisition of
Chrysler, Cerberus. Indian
car maker, Tata Motors, is also preparing a bid, said the report. Another Indian
carmaker, Mahindra & Mahindra, withdrew from the bidding last month, according
to Indian press reports. The decision to pull out was primarily driven by two
concerns - the fact that both companies could remain dependent on Ford for the
supply of powertrains, and proposed CO2 emission regulations in the European Union
which companies with no small and fuel-efficient cars in their line would have
difficulty meeting. |