After months of negotiations and bidding, Ford has named Tata Motors of India the preferred bidder for the automaker's Jaguar and Land Rover brands. While the deal still has yet to become official -- several more details still need to be worked out -- the British brands should switch hands in the coming weeks.
"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," said Lewis Booth, executive vice president of Ford's European units, in a statement.
The other two bidders -- Mahindra & Mahindra and One Equity -- are reportedly still in running, but only if negotiations with Tata fall through. "Ford hasn't told them to go away, and that's the end of it," a source familiar with the situation said. "Tat's emerged as the preferred partner."
According to
Reuters, Tata bid $2.05 billion for the two luxury marques, while Mahindra & Mahindra bid $1.9 billion. One Equity's bid was not released. Merrill Lynch valued the brands at $1.5 billion.
Tata has been the perceived frontrunner to acquire the premium brands since the Jaguar-Land Rover
Union backed the Indian automaker in November.
