March 8, 2008

After months of speculation and negotiation, the sale of Land Rover and Jaguar to Indian group Tata is complete.  Ford, the previous owners have agreed a price of $2.3 bn (£1.15bn) for the British marques.

The negotiations have been protracted in order to make sure that the interests of the workforce were taken into consideration, as well as Ford’s desire to continue to supply engines and other components for the iconic  brands. 

The Deal has been viewed as a success from all sides.  Ford and Tata have spoken of their confidence in the sale being in the best interests of the company.  The Union Unite, who represent the workers have described Tata as the best option for sale.

The deal includes a $600m Ford payment into Jaguar and Land Rover's pension plans. 

Ford has also agreed to provide financing for Jaguar and Land Rover dealers for up to 12 months.

Tata will continue to use engines supplied from Bridgend and Dagenham.  The Indian industrial giant already owns the Anglo Dutch steelmaker Chorus and Tetley Tea.

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