Russian company says its not bidding for Jaguar, Land Rover

We thought long and hard yesterday about reporting news of Russian company GAZ’s interest in purchasing Jaguar and Land Rover from Ford. Of course we held off, thinking Oleg Deripaska, owner of GAZ, would come out tomorrow and say he had no interest in Jaguar or Land Rover.

Well that’s exactly what happened. These “reports” seem to be a continuing trend surrounding the bid of the two Ford owned companies. German Magazine, WirtschaftsWoche, reported yesterday that a Russian company, GAZ, was interested in taking Jaguar and Land Rover off of Ford’s hands.

Today, Oleg Deripaska, owner of Russian Machines, who owns GAZ, said “There is no interest from my company or from our subsidiary Gaz in any of these brands.”

So that leaves us with India’s Tata Motors, Mahindra & Mahindra and buyout firm TPG and Ripplewood. From now on, we’re just going to refrain from reporting about any speculations until the Jaguar and Land Rover are actually sold.

Morgan Stanley has said that the deal could rake in anywhere from $4 billion to $7 billion into Ford”s bank account. Citigroup, on the other hand, believes that Ford could fetch $8 billion from the deal.

Merrill Lynch analysts have previously said that Ford could possibly raise over $9 billion by selling its remaining luxury car brands.

 

Source: Automotive News (Subscription Required)

[tags]Cars, Car, Auto, Automobile, Vehicles, Technology, Auto News, News, Automotive, Jaguar, Land Rover, Ford[/tags]