Former Ford executive joins bidding for Jaguar, Land Rover

Posted on 12 September, 2022 by asif

DETROIT (AP) _ Another former Ford Motor Co. executive has joined the bidding for Ford's Jaguar and Land Rover brands, a person familiar with the negotiations said Friday.

Sir Nick Scheele has joined New York-based Ripplewood Holdings LLC in its bid for the luxury brands that cash-strapped Ford is trying to sell, according to the person, who requested anonymity because the bidding is ongoing.

Scheele served as Ford's president and chief operating officer from 2001 until his retirement in 2005. He also led Jaguar from 1992 to 1999.

Scheele's involvement pits him against Jacques Nasser, who was Ford's chief executive from 1999 to 2001. Nasser is leading a separate bid by One Equity Partners LLC, according to the person familiar with the negotiations. One Equity manages private equity investments for JPMorgan Chase & Co.

Jaguar spokesman Jonathan Griffiths said he couldn't comment Friday. A message left with a spokesman for Ripplewood Holdings was not immediately returned.

Ford bought Jaguar in 1989 and Land Rover in 2000, joining them with Aston Martin and Volvo to form its Premier Automotive Group. But the automaker lost $12.7 billion in 2006 and has said it expects to burn $17 billion in cash before returning to profitability sometime in 2009.

Earlier this week, Ford completed the sale of its controlling stake in Aston Martin for $931 million in cash and preferred stock to Primrose Cove Ltd., a holding company.

Ford has taken opening bids for Jaguar and Land Rover and Ford President and CEO Alan Mulally said in late July that the probability of selling the brands is greater than 50 per cent. Ford also has begun a strategic review of Volvo, which would be the prelude to a sale.

Ford Motors says corporate buyers show interest in Jaguar, Land Rover

DETROIT (AP) _ Ford Motor Co. has received several bids for its Jaguar and Land Rover units, but a spokesman said they were preliminary and no sale of either British automaking business is imminent.

Thursday was a deadline to submit early bids on the two units, but a decision is likely several months away.

``We've had contacts from third parties, and we're actively evaluating them as part of our strategic review,'' John Gardiner, a Ford spokesman in London, said Thursday. ``They've only been preliminary discussions, and no decisions have been made.''

He would not say how many bids have been received or who submitted them.

Ford, which lost US$12.7 billion last year and $282 million in the first quarter, has cut thousands of jobs and closed factories in an effort to shrink itself to match lower demand for its products.

The company last year mortgaged its factories to get a $23.4 billion financing package to fuel its restructuring and cover expected losses in its automotive operations. It expects to burn up $17 billion in cash before returning to profitability sometime in 2009.

Analysts have said the company may be burning cash at a higher rate than expected and may need to sell the British brands to raise money.

In March, the company sold its Aston Martin luxury sports car unit for $848 million, and it has said that all options are open, including a potential sale of its Volvo unit.

A company official who asked not to be identified because the bidding process is confidential said Thursday that preliminary bids have been submitted only for Jaguar and Land Rover, and that the company did not take bids for Volvo.

Ford shares rose four cents to $8.67 in morning trading Thursday. If you want to know about vw aufkleber, check out here.