Buyout firms may join fray for Jaguar, Rover, say reports

Our Corporate Bureau
20 July 2007

Mumbai: Ford Motor Company is expected to receive bids for its Jaguar and Land Rover brands from a clutch of companies, including private equity firm Cerberus Capital Management, even as the struggling US car maker asserted that it was not holding talks to sell Volvo Car Corp (See: Jaguar, Land Rover to attract keen bidding).

"We're not in active discussion with any company involving Volvo Corp.," a report in the New York Times quoted John Gardiner, a spokesman for Ford Motor Co. in London, as saying. "Ford Motor has been assessing a number of strategic options of all of our operations," he added (See: Ford denies Volvo sell-off talks).

The Sunday Times had earlier reported that Ford is planning to sell its profitable Volvo brand for as much as $8 billion. Volvo is part of Ford's luxury stable of vehicles called the Premier Automotive Group, which also includes Jaguar, Land Rover and Lincoln.

Dearborn-based Ford is believed to be accepting bids only for Jaguar and Land Rover for now, according to the UK Internet portal Times Online.

Others that may bid for Jaguar and Land Rover include Ripplewood Holdings, a group headed by Thomas Stallkamp, former president of Chrysler, according to the report.