Just about a year ago we reported that former Ford CEO, Jacques Nasser, was interested in possibly buying Land Rover and Jaguar. It was kind of ironic, given the fact that Nasser had been instrumental in the acquisition of LR and Volvo during his tenure at Ford. Well, it's deja vu all over again as word has spread that Nasser is set to tour those British companies in the very near future. Working under JPMorgan Chase & Co.'s One Equity Partners LLC, he is expected to meet with trade union officials while there to discuss a possible purchase. No comment from Ford yet.
One Equity is seen as a master of the quick flip, having banked a 79% gain on Polaroid when they sold it after just two years of ownership recently. We're not sure what their plans for the two marques would be, but reports seem to indicate that One Equity wants Ford to retain 30% to 50% of these firms to "ensure security of engines and parts supplies." When Ford shed Aston Martin earlier this year, Ford retained a 15% stake in the company. So Nasser sets up PAG while with Ford and might end up having a hand in it being dismantled. Interesting world.
[Source: Detroit Free Press]