Ford and Tata deal details leaked early
A day ahead of the planned official announcement of Tata’s purchase of Land Rover and Jaguar from Ford, come details of the deal from an Indian TV news channel. NDTV Profit reported on Tuesday the purchase was made for $2.65 billion, but won’t reveal its sources. Tata spokespeople will not comment on the reports beyond saying discussions were still in progress.
Another TV report, on CNBC TV-18, maintained the deal is to be concluded on Wednesday with the details released thereafter, after both companies signed the agreement. Also, according to the Financial Times, the deal will be announced on Wednesday but the report went further by estimating that about $2 billion will trade hands.
The deal would also see Ford responsible for part of its workforce pensions at the two luxury brands, while Tata will continue to buy engines from Ford. The announcement would meet Ford’s goal of reconciling the deal in its books in the first quarter of the year.
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