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India's Tata eyes UK car legends | India's Tata eyes UK car legends |
(30 minutes later) | |
The chairman of India's Tata Group has confirmed that he is interested in acquiring Jaguar and Land Rover from their parent, Ford. | The chairman of India's Tata Group has confirmed that he is interested in acquiring Jaguar and Land Rover from their parent, Ford. |
Speaking to Indian TV, Ratan Tata lifted his previous refusal to speculate on a possible Tata bid for the legendary British brands. | Speaking to Indian TV, Ratan Tata lifted his previous refusal to speculate on a possible Tata bid for the legendary British brands. |
He said Tata's interest in Jaguar and Land Rover stemmed from a desire to expand its global presence. | He said Tata's interest in Jaguar and Land Rover stemmed from a desire to expand its global presence. |
Ford has said there is a more than 50% chance it will sell the carmakers. | Ford has said there is a more than 50% chance it will sell the carmakers. |
Tata Motors relies on the Indian market for more than 90% of its sales. | Tata Motors relies on the Indian market for more than 90% of its sales. |
Expanding frontiers | Expanding frontiers |
Mr Tata explained that any thoughts of taking over Jaguar and Land Rover were dictated by the need to change this concentration on one market. | Mr Tata explained that any thoughts of taking over Jaguar and Land Rover were dictated by the need to change this concentration on one market. |
"It is to give ourselves scale, to give ourselves global reach," he said of the potential bid. | "It is to give ourselves scale, to give ourselves global reach," he said of the potential bid. |
Ford says it has already received a number of offers for the two UK divisions. | Ford says it has already received a number of offers for the two UK divisions. |
Analysts have been expecting a private equity buyer to emerge as a successful suitor for Jaguar and Land Rover. | Analysts have been expecting a private equity buyer to emerge as a successful suitor for Jaguar and Land Rover. |
Market tremors | |
Earlier this week, Ford chief executive Alan Mulally said the current turbulence on global stock markets had affected the disposal of Jaguar and Land Rover. | |
Stock market upsets were "absolutely an issue", the Ford boss said. | |
Market turmoil has caused a sharp slowdown in general takeover activity. | |
Mr Mulally said no announcement would be made over the sale of Jaguar and Land Rover until late this year or early 2008. |
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