Tata Motors Acquires Jaguar and Land Rover
There has been a lot of speculation about the imminent sale of the luxury car brands Jaguar and Land Rover. And the frontrunner Tata Motors seems to have clinched the deal as per this news article on CNN Money.
India’s Tata Motors Ltd. (500570.BY) has acquired Jaguar and Land Rover, Indian news channel CNBC-TV18 reported Thursday, citing unnamed sources. A Tata Motors executive however declined comment when contacted by Dow Jones Newswires. “Tata Motors does not have any comments to make. Tata Motors does not comment on mergers and acquisitions,” said Debasis Ray, head of corporate communications.
Ford Motor Co. (F), which owns the two brands, also said the report was inaccurate and that it was still evaluating options. Tata Motors, which makes buses, trucks and passenger cars, is India’s largest commercial vehicle maker by sales.
Last month, Ford hired advisors to help sell Jaguar and Land Rover, both part of its Premier Automotive Group (PAG), in a move expected to reap as much as $8 billion, according to some estimates.