Ford has set a deadline for bids for its British luxury holdings, Jaguar and Land Rover . All bids are due by July 19 and Ford is looking to sell them as a package, although individual sales are being considered.
The Financial Times reports that Cerberus Management is likely the leading bidder at the moment. Cerberus is wrapping up purchase of Chrysler from Daimler; adding Jaguar and Land Rover to the fold would certainly give the group a big stake in the global automotive market.
Interestingly, Land Rover is coming off of its best first-half ever. Sales were up eight percent last month globally, despite a general slump in the SUV market due to gas prices.
It is not known when Ford will announce the winner in the bidding process. Ford is mum on whether or not Volvo is for sale, despite rumors of BMW ’s interest in the Swedish group. Ford had long said that Volvo was more steeply integrated into the Ford group than Land Rover or Jaguar , despite the fact that Jaguar has been under Ford command since 1989. Ford bought Volvo in 1998 and Land Rover in 2000. Earlier this year, Ford sold Aston Martin , another former Premier Automotive Group member.
