Breaking News: Indian Tata To Be Named New Owner Of Jaguar & Land Rover Today

According to a report from UK newspaper “The Birmingham Post”, India’s Tata Motors will announce today the acquisition of Jaguar and Land Rover from Ford Motor Company. The report says that Ford has accepted Tata Motors’ £ 1 billion bid ($ 1.98 billion). An unnamed Land Rover source told the newspaper that the deal is as good as done and that negotiations are expected to be completed in the next six weeks before the sale is completed. Ford had bought Jaguar in 1989 for £1.6 billion and paid £1.7 billion for Land Rover in 2000.

The two companies were part of Ford’s “Premier Automotive Group” that also included Aston Martin and Volvo. However, Aston Martin was sold to a consortium led by Prodrive’s David Richards for 925 million USD back in March. We’ll have more on this braking story as it evolves during the day.

Via: Birmingham Post