Ford will not make an announcement about the sale of its Jaguar and Land Rover units until late this year or perhaps early in 2008, the head of the company’s European operations was reported to have said on Wednesday night.
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“It’s a very orderly process,” Lewis Booth, executive vice president of Ford’s European units, told the Associated Press (AP), adding that Ford is in the middle of its strategic review of Volvo for potential sale.
Speaking to reporters at a meeting with Ford’s top managers, Booth said he couldn’t go into more detail about the possible sales, AP added.
The news agency noted that, earlier this month, former Ford president Nick Scheele joined with New York-based Ripplewood Holdings in its bid for Jaguar and Land Rover.
Scheele is competing with former Ford CEO Jacques Nasser who is leading a separate bid by One Equity Partners, which manages private equity investments for JPMorgan Chase & Co, the report added.
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By GlobalDataAnother former Ford chief in the frame
