The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
Union leaders still preferred to remain part of Ford, but if a sale was decided, the workforce’s best interests “would be served by finding a partner with an established presence and background in manufacturing”, the union said in a statement dated Wednesday
Union backing could be relevant for the politically sensitive deal, as Ford would remain a major employer in the UK even after it sells the two luxury brands, in which it may also remain a minority partner.
Sources familiar with the matter earlier this month told Reuters the three bidders left on a shortlist are Tata Motors, Mahindra & Mahindra Ltd and buyout firm partner Apollo, and JP Morgan-backed One Equity Partners.
The bidders have been meeting unions and the UK government in past weeks, sources familiar with the matter said.
The statement followed presentations to union representatives by Tata, Mahindra and One Equity Partners.
Bidders spoke to the unions about their plans, including possible future offshoring of jobs or other functions now based in the UK, the sources familiar with the matter said.
Tata, also India’s number three carmaker, said it is committed to the two brands as a long-term investment and endorsed their current management, the Financial Times said, citing a person familiar with the presentation.
A spokesman for Tata Motors, India’s top vehicle maker, declined comment on the reports. A spokesman for Mahindra also would not comment.
Ford has been exploring a sale of Jaguar and Land Rover, which Merrill Lynch values at up to $1.5 billion, since June and said it expects to close a deal by early next year at the latest.
A Wall Street Journal Web site report, citing an unnamed labour official, said union representatives see Tata as the only bidder “with enough money, clout and experience” to manage the brands successfully.
A US based representative for Ford was not immediately available for comment.
Doubts whether the Indian firms can successfully pull off the deal have been weighing on their share prices. For story, see
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Total property income posted year-on-year growth of 10% to $74m, highest value ever
All official donation channels however remain open through the outlets announced by government agencies
The Starlight Park is a four-building freehold community in Meydan
The 22-time major champion admits his farewell tour hasn't been as enjoyable as he would have hoped
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid