Discuss Detroit Archives - January 2008 Ford agrees to sell Euro brands for $2 bln: source Previous Next
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Username: Jams

Post Number: 8008
Registered: 10-2003
Posted on Tuesday, March 25, 2008 - 1:40 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Technically this probably belongs in non-Detroit but it does affect our region.


LONDON (Reuters) - Ford (F.N: Quote, Profile, Research) has agreed to sell its UK-based Jaguar and Land Rover brands to India's Tata Motors (TAMO.BO: Quote, Profile, Research) for more than $2 billion, said a source familiar with the matter on Tuesday.

Ford, which signed the deal on Tuesday, plans to publicly announce the transaction, which will also see it pay about 300 million pounds ($597.7 million) into the European units' pension fund, on Wednesday, said the source.

Ford declined to comment on the deal, adding "our first responsibility is to communicate with our employees."

http://www.reuters.com/article /ousiv/idUSBOM5889720080325

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