Ford Motor Company may have found the new owner of their Premiere Automotive Group (PAG) members Jaguar and Land Rover by the time it releases its third-quarter report this coming October, The International Herald reported Tuesday.
Ford is still hoping to receive more offers for the two British luxury brands before September 30 comes. Ford wants to find the new owner of these two brands so they can decide on who wins the bid within two weeks prior to the date. This was revealed by a person close to the company last Monday.
Ford is reportedly set to sell both Jaguar and Land Rover this coming October.
The Dearborn automaker normally releases its third quarter financial results October every year. Last year's report was out by October 23. Observers are expecting to see a deal for both Jaguar and Land Rover by the time the automaker releases its third quarter report this year.
Tom Hoyt, a Ford spokesman was quoted saying Monday, "We have simply said that while we've set no timetable on these discussions, that we expect to come to a resolution by the end of this year, or early next year."
Ford will choose the owner of these brands this coming mid-October but the deal may not be closed before the year ends, an insider reportedly said.
One of the major reasons why the company decided to sell their brands this October is reportedly because of the credit squeeze which swept the capital market just recently. The transactions are delayed and may fall apart because of this matter.
Last month, Ford was reported talking to other parties about their PAG brands and has also already reported to have started a strategic review on Volvo, also one of the members of PAG. This was the first time Ford has announced their plans to shed out the brand which was acquired in 1999. Land Rover was acquired in 2000 while Jaguar was bought in 1990.
Cerberus Capital Management bought DaimlerChrysler's Chrysler Group last month and has also been reported to have expressed interest on Jaguar and Land Rover. Though these brands are equipped with excellent parts like at par with competitors equipped with parts like , they have not been particularly lucrative for the US automaker.
Another possible future owner of Jaguar and Land Rover is reportedly TPG, an investment group run by Jim Coulter and David Bonderman.
