Three groups competing to buy Jaguar and Land Rover expect to hear Ford’s choice of a preferred bidder by the end of this week.
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“People close to” Indian carmakers Tata Motors and Mahindra & Mahindra, and the buy-out group One Equity Partners, have told the Financial Times that they expected Ford “to respond imminently” to their revised offers made last week.
According to the paper, the offers are said to range from about $US1.8bn to $2.2bn.
The FT said Tata, whose bid was endorsed by Jaguar and Land Rover’s unions last month, is seen as a frontrunner in the sale.
Ford is not commenting on the sale, and will not make a public announcement on its choice of preferred bidder, the paper noted, adding that, once a preferred bidder is chosen, Ford and the buyers will have to work out a series of agreements covering areas such as engine supply.
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By GlobalDataFord has said it hopes to complete the sale by the first quarter of next year, the Financial Times added.
