Indian automaker Tata and two private equity firms are thought to have made offers for Jaguar and Land Rover, according to a British newspaper.
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The US carmaker expects to begin detailed negotiations with these bidders early next week, the Daily Telegraph said on Friday.
According to the report, Tata and private equity firms One Equity and Ripplewood are said to have provided comprehensive takeover proposals by this week’s deadline.
The Telegraph said other private equity houses have submitted indicative offers, but the detailed proposals provided by the other three is seen as making them frontrunners in the race. “The others will have to play catch-up,” one source told the paper.
The Telegraph said potential buyers have become more cautious because the credit crunch has made raising money more difficult and because stricter European emissions rules may hit the two brands hard.
The paper said Tata is not expected to have any trouble raising finance, and that there have been reports in India that the company has submitted a non-binding bid of about $US1.8bn (GBP865m).
Ford is expected to draw up a short list of two and agree a sale by the end of the year, the Daily Telegraph added.
