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ReprintsFord agrees to sell Euro brands for $2 billion
March 25, 2008 - 1:50 pm ET
LONDON (Reuters) -- Ford Motor Co. has agreed to sell its UK-based Jaguar and Land Rover brands to India's Tata Motors for more than $2 billion, said a source familiar with the matter on Tuesday. Ford, which signed the deal on Tuesday, plans to publicly announce the transaction, which will also see it pay about 300 million pounds ($597.7 million) into the European units' pension fund, on Wednesday, said the source. Ford declined to comment on the deal, adding "our first responsibility is to communicate with our employees." |
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