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February 8, 2008 |
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TATA MOTORS: To Meet With Jaguar and Land Rover Union Today Tata Motors Ltd will meet with the main trade union of Jaguar and Land Rover today in London as the Indian carmaker is nearing a deal with Ford Motor Co., John Reed of the Financial Times reports. As reported by the Troubled Company Reporter-Asia Pacific on Jan. 31, 2008, Tata Motors is closing in on an agreement with Ford for the sale of the Jaguar and Land Rover brands. A deal reportedly could be announced anytime this month to as late as March. Mark Fields, president of Ford's North American operations, said on Wednesday that he hoped the in-depth talks between Tata and Ford would be concluded in the relatively near term, Reuters stated. In an earlier report, TCR-AP said that Tata Motors bid for the two luxury brands had the backing of Jaguar and Land Rover's workers unions. Tata Motors became the front-runner to buy the Ford Brands when Ford announced on Jan. 3, that it has entered into "focused negotiations at a more detailed level" with the company. Tata Motors outbid Mahindra & Mahindra in collaboration with buyout firm Apollo; and One Equity Partners LLC. According to the FT report, Tata and Ford are currently working through agreements covering engine supply, information technology, intellectual property, and the two brands' financial services. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/ -- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * On Jan. 7, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd on review for possible downgrade. |
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