Monday March 24, 07:53 PM
UPDATE: Ford to announce sale of Jaguar, Land Rover for $2B to Tata -- report
(Updated to include unavailability of co. to comment, and updated share price)
NEW YORK (Thomson Financial) - Ford Motor is expected to announce the sale of its Jaguar and Land Rover brands to India's Tata Motors Ltd. on Wednesday
for about $2 billion, according to a published report.
The sale agreement is expected to include a pledge by Ford to contribute to the two businesses' pension funds, and for Tata to continue to buy engines from Ford, the Financial Times reported.
Ford was not immediately available for comment on the report.
Italy's Fiat SPA (Milan: F.MI - news) is interested in working with the companies if the sale to Tata goes through, the report said.
Ford's stock was up 6.1% at $5.96 in late-afternoon trading, and hit a 2-week high of $6.02 earlier in the session.
Tomi Kilgore
tk1/tk1/tk1
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