London - Ford expects to receive at least five second-round bids for its
European luxury brands Jaguar and Land Rover this week, said
people familiar with the matter on Wednesday.
Indian carmaker Tata Motors and buyout firms One Equity,
Ripplewood, and TPG are all expected to have made offers by
Friday, said the sources, adding that British financier Guy
Hands's Terra Firma may also make an offer.
A sixth bidder is also expected by Ford to make a
second-round, non-binding, offer for the brands, said one of the
sources, who declined to name the suitor.
Some, such as TPG, had already submitted their offers on
Buyout firm Cerberus, which had been involved earlier in the
process, is set not to make an offer, said the sources.
The US carmaker has indicated it wants to meet the
bidders over the weekend to discuss their offers, said a second
Ford then plans to further whittle down the field to two or
three bidders it can take into another round and ask to submit
binding offers, said the sources.
"We are still looking at the end of this year or the
beginning of next to conclude the process," said a spokesperson for
Ford. "We have been very impressed with the quantity and quality
of bids made for the Jaguar-Land Rover business.
The spokesperson declined to comment further.
Cerberus, TPG and Terra Firma declined to comment.
Ford has been exploring the possible sale of the brands
since June as it continues a strategic review of its global
operations which has already led to the sale of Aston Martin in
Merrill Lynch analyst John Murphy at the time had valued the
two brands at as much as $1.5bn combined.