Ford may sell Jaguar and Land Rover to Jacques Nasser
The investment group at which Jacques Nasser is senior partner for mergers and acquisitions is in talks with the former Ford CEO's ex-employer to purchase Jaguar and Land Rover, according to four people said to be familiar with the situation by Bloomberg. The sources go on to say that the talks are very cordial thanks to the fact that Nasser has been on good terms with Bill Ford, Ford's current CEO and Nasser's successor, ever since he was relieved of his duties at the company's helm in October of 2001. It's an ironic twist of events considering that during his tenure at Ford, Nasser oversaw the purchase of Volvo and Land Rover at a time when it was believed that PAG would account for a substantial portion of the Blue Oval's overall profit.
Nasser's investment group is JPMorgan Chase & Co.'s One Equity Partners LLC. The firm has a track record of turning companies around quickly and making a profit. In 2002, Nasser and the group bought Polaroid for $238 million and flipped it just last year for $426 million.
The sources cited by Bloomberg also say that regardless of Ford's current situation, the Volvo brand is not being considered for sale.
Check out the full Bloomberg article here, as it dives deep into this story by also covering the current speculation that Ford may go private, yesterday's news that JCB Chairman Sir Anthony Bamford has also expressed interest in purchasing Jaguar, and the news this morning that Robert Rubin, chairman of Citigroup, Inc., has resigned his seat on Ford's board of directors.
[Source: Bloomberg]
Reader Comments (Page 1 of 1)
Alex 11:28AM (8/25/2006)
I'd rather see Jaguar go to Bamford than to these M&A vultures like JPM and Nasser.
Bamford is British, has genuine interest in the Jaguar brand. He is focused on Jag, not interested Land Rover. His father was friends with Lyons, founder of Jag.
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David F 11:33AM (8/25/2006)
Look what happened to Rover - it's a shell of a brand now sold to a Chinese company. I hope that Jag does not meet a similar fate...
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Biggsaw 11:38AM (8/25/2006)
I want my Landuar now!
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G 11:40AM (8/25/2006)
Change is most assuredly in the air, however, these rumors are flying widely about. What happened to, for instance, Renault's offers to purchase Jaguar? The staff at Le Blog Auto seems to have their money on JCB.
http://www.automobilesdeluxe.blogspot.com
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Ryan 11:42AM (8/25/2006)
Well one thing is for sure:
Ford's gonna have to do something, and soon.
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Paul Read 11:48AM (8/25/2006)
I would also prefer Bamford over the other options, including the status quo, but I'm afraid JCB don't have the finances to make a proper go of it. I know they make a helluva profit on their core business, but would they be able to raise enough cash to develop a new model, after the S-Type and XJ reskin?
As for Nasser and co; if he can make Jaguar great again, it'll do for me.
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JB 11:56AM (8/25/2006)
Hah! It was Nasser's idea to buy cache, like you buy shampoo, rather than build/repair from within, by acquiring these 2 star-crossed brands. It's not like they were profitable. Sure, they are romantic, racing Jags, E-types, Land Rover bounding across the Sahara (never mind that now most use Toyotas there).
This is ridiculous to say the least. Without Nasser's buying spree, Ford would have tons of more money in the bank for NA vehicle development, concentrated resources, and less distractions.
I can't believe Billy is on good terms with Nasser either. What does he say to him - Jacques, you really messed up my family's business, but you meant well - here's a cookie.
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arnie 12:19PM (8/25/2006)
I agree with JB. Nasser should be flogged in public by all Ford shareholders.
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chuck goolsbee 1:54PM (8/25/2006)
Jaguar to Bamford? yes.
To Nasser? hell no.
The former shows some passion and inspiration. Just look at what is happening at Bonneville right now. Look at the man's collection of priceless old Jaguars and Ferraris.
The latter? What has he done for us lately? What passion does he show for the machine?
--chuck
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DJ 2:15PM (8/25/2006)
The only way Ford is gonna sell Jag and LR to Jacques Nasser is if they could be assured that it would ruin him financially once and for all!
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jamie 2:28PM (8/25/2006)
Bill
DO NOT SELL!
FORD should build mainstream cars and trucks.
MERCURY should become a separate nameplate for HYBRIDS.
LINCOLN should be the luxury marque.
Keep PAG as is:
JAGUAR (S series, XJ, XK; drop the X type) should produce higher premium coupes and sedans priced above Lincoln.
ASTON MARTIN is AOK.
RANGE ROVER should make only penultimate SUVs.
VOLVO should remain different from Ford and continue to improve their current model line-up.
Heavy profits are still attainable from PAG. They just have not been fully realized yet.
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Richard Warren 6:58PM (8/25/2006)
Bill,
Take the money and run.
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Alan 8:15PM (8/25/2006)
Was this all part of Nasser's plot? Run Ford into the ground by overpaying for a bunch of luxury marques and betting the farm on trucks, and then jump ship a few years later and snap up the luxury marques on the cheap once fuel costs sink Ford sales?
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The Solution 5:59AM (8/26/2006)
1. Kill Mercury
2. Make lincoln a limo brand
3. Kill jaguar
4. kill land Rover
5. Focus on Ford, Volvo, Aston Martin.
6. Get mazda's help in engineering in a major way.
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Jaguar British 9:52AM (9/15/2006)
I hate the fact that Britain has sold off most of their car industries, I think that Jaguar (arguebly the best British car) should be returned to where it came from. My favorite car of all time has to be the e-type, such at great car.
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