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April 1, 2008 |
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TATA MOTORS: EU to Rule on Jaguar & Land Rover Deal by April 30 The European Commission said it would rule on Tata Motor Ltd.'s proposed takeover of Ford Motor Co.'s Jaguar and Land Rover units by the end of April, various reports say. On Wednesday, Tata Motors and Ford Motor disclosed that they signed a definitive agreement for the sale of the Jaguar and Land Rover brands for US$2.3 billion, which amount Tata will pay in cash upon closing of the transaction. According to The Times of India, the April 30 deadline was announced after Tata Motors notified the deal to Europe's top antitrust watchdog. Tata Motors reportedly asserted that the proposed acquisition did not represent a "significant impediment to effective competition" because the companies' "combined market shares are small." 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. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. |
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