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February 25, 2008 |
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TATA MOTORS: Concludes Meeting with Jaguar & Land Rover Union According to a CNBC-TV 18 report, Tata Motors Limited's meeting with the main trade union of Jaguar and Land Rover is over. CNBC's unnamed sources asserted that the meeting was conclusive. The Troubled Company Reporter-Asia Pacific reported about the meeting on Feb. 8, 2008, which signaled that Tata Motors is nearing a deal with Ford Motor Co. Tata Motors became the front-runner to buy Jaguar and Land Rover 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. The last nuts and bolts are now falling into place, the CNBC report states. CNBC's sources expect a Memorandum of Agreement between Ford and Tata Motors by March 5 or 6. About Tata Motors 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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