Another former Ford chief has entered the bidding for Jaguar and Land Rover, according to a UK newspaper.
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The Financial Times (FT), citing people close to the sale, said Sir Nick Scheele, Ford’s president and chief operating officer from 2001 to 2005, has joined forces with Ripplewood Holdings; one of a half dozen groups doing due diligence on the brands.
The paper notes the decision pits him against Jac Nasser, who was Ford’s chief executive from 1999 to 2001 and leads a separate bid by buy-out group One Equity.
The FT said Sir Nick’s attachment to Ripplewood points to a high level of interest in the sale in spite of concerns about tightening debt markets, Jaguar’s negative financial position, and a looming regulatory threat to both brands’ business models from draft European Union and US legislation about vehicle emissions and fuel economy.
Cerberus Capital Management, TPG Capital and India’s Tata Motors and Mahindra & Mahindra are also understood to be preparing bids for the carmakers, the FT added, noting that Ford, its bankers and the potential buyers are not commenting about bidding details.
The paper said Sir Nick – who was also Jaguar and Land Rover’s chairman and chief executive between 1992 and 1999 and later served as chief operating officer under former chief executive Bill Ford Jr – would advise Ripplewood on its bid and lead it but is not thought to be employed by the buy-out group.
The FT suggested the group may be counting on Sir Nick’s inside knowledge of the two operations and may also value his advice about handling the politically sensitive sale.
