Ford could be on the verge of announcing the sale of Jaguar and Land Rover, it has been reported.
Ford chief executive Alan Mulally told reporters late yesterday that the company could announce the sale of its premium British brands by the end of this year.
Speaking at a ceremony marking the formal signing of a labour contract reached with the United Auto Workers union last month, he said: ‘We will probably have something to announce by the end of this year, toward the first part of next year.’
Ford is said to have whittled the auction of Jaguar and Land Rover to three bids, including Indian firm Tata Motors and its rival Mahindra & Mahindra Ltd.
The brands have been estimated to be worth as much as $1.5 billion combined.
It was previously thought the sale wouldn’t be announced until spring 2008 at the earliest.
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