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’US automakers press case for aid
The heads of Detroit’s three auto makers and the United Auto Workers union pleaded Thursday with Democratic congressional leaders to rush more government aid to their foundering companies, offering to accept conditions such as granting stock warrants to the government in return for capital,
US car sales sink to lowest level for 25 years
Sales of light vehicles in the US sank to their lowest level in a quarter of a century last month, with generous discounts failing to offset evaporating consumer confidence and scarce credit. GM and Chrysler were among the heaviest casualties,
Kerkorian sells down his Ford stake
US billionaire Kirk Kerkorian is selling down his stake in Ford Motor because he sees more value in his gambling holdings. The move represents a fresh blow for Ford, the most highly leveraged of Detroit’s three loss-making carmakers.
Wipeout on Wall Street II – The GM edition
Leading this evening’s rout was GM. Shares in the car maker plunged $2.15, or 31 percent, to a 58-year low of $4.76 after S&P dropped this bombshell:
NEW YORK (Standard & Poor’s) Oct. 9, 2008–Standard & Poor’s Ratings Services
today placed its ratings on U.S.
Ford holders embrace Kerkorian offer
Kirk Kerkorian’s tender offer for as many as 20m shares in Ford received a ringing endorsement from investors, who tendered almost half the available stock for the deal, reports the WSJ. The strong demand to sell Ford common shares to Tracinda,
Kerkorian amasses 5% stake in Ford
Ford Motor’s shares rose to their highest level since November after billionaire investor Kirk Kerkorian said he had amassed a 5% stake and was seeking another 1% of the second-largest US carmaker. The move follows Ford’s improved Q1 earnings report last week and prediction it would return to profitability next year despite the slowing US car market.
Tata Motors: Now for the hard part
Investors in Tata Motors are bracing for India’s third-largest passenger carmaker to begin selling down some of its investments and stakes in subsidiaries to help finance its $2.3bn takeover of Ford’s Jaguar and Land Rover marques.
Ford and Tata announce $2.3bn deal
Tata Motors will pay Ford Motor about $2.3bn for Jaguar and Land Rover and Ford will contribute up to about $600m to the two brands’ pension plans under terms of a sale agreement announced Wednesday.
Ford finalises $2bn sale of luxury marques
Ford Motor will conclude a protracted sale process on Wednesday with the announcement of the sale of Jaguar and Land Rover to India’s Tata Motors. The $2bn sale will include a pledge by Ford to contribute to the two brands’ pension fund,
Tata raises $3bn for Ford deal
Tata Motors has succeeded in securing a $3bn banking facility for its purchase of Jaguar and Land Rover from Ford Motor, which should clear the way for the deal to close next week. Tata’s ability to raise the money amid debt market turmoil represents a vote of confidence in the Indian company and removes one of the last main obstacles to the deal.
Tata seeks $3bn for takeover
Tata Motors is seeking loans of about $3bn to fund its planned purchase of Ford Motor’s Jaguar and Land Rover marques, as the company moves closer to sealing the takeover. India’s second largest carmaker has assigned Citigroup and JPMorgan,
Tata nears Jaguar/Land Rover deal
It’s really happening. After protracted negotiations, India’s Tata Motors could sign a $2bn deal with Ford to buy the US carmaker’s Jaguar and Land Rover marques as early as next Wednesday or Thursday,
Full stake for Tata in Jaguar, Land Rover?
India’s Tata Motors is preparing for “an outright purchase” of Ford’s Jaguar and Land Rover luxury brands, against an earlier plan for a majority stake, India’s Economic Times said Wednesday, reports Reuters.
Investor fears over Tata approach
Investors are seeing increased risks for Tata Motors as it moves closer to its proposed acquisition of Ford’s Jaguar and Land Rover marques, after India’s second-largest car-maker emerged last week as the frontrunner to buy the two brands from Ford.
Tata bond risk rises on concerns of debt-financed Jaguar bid
Credit-default swaps on Tata Motors reached a record 325 basis points in Hong Kong, up from 300 basis points last week, reports Bloomberg. This follows warnings from S&P and Moody’s that they may cut the car-maker’s credit-ratings on the back of its debt-financed bid for Ford’s luxury brands Jaguar and Land Rover.
Tata confirmed as Jaguar front-runner
Ford Motor on Thursday confirmed it favoured Tata Motors, India’s largest carmaker, in the bidding process for Jaguar and Land Rover, its two UK-based luxury brands. Ford said it was committed to “focused negotiations at a more detailed level” with Tata,
Tata set for win on Jaguar and Land Rover
Tata Motors of India is set to be chosen by Ford as the preferred bidder for Jaguar and Land Rover as early as Friday. People close to the situation said Tata had pulled ahead of rival Indian carmaker Mahindra & Mahindra and One Equity,
Rivals for Jaguar await Ford verdict
The three groups vying to buy Jaguar and Land Rover expect to hear from Ford Motor with its choice of a preferred bidder for the two carmakers in the next two days, although the complex deal could be further postponed.
Race for Ford car marques enters final stretch
The battle for control of Land Rover and Jaguar is believed to have narrowed to just two leading bids – Tata, the Indian conglomerate, and OneEquity, a group led by the former Ford chief executive Jacques Nasser,
Ford faces UK pensions hitch
Jaguar and Land Rover have an estimated pension deficit of more than $2bn, meaning that Ford is likely to have to pay any buyer to take the British luxury car brands off its hands. Ford, which is in discussions with both industry and private equity companies over a sale,
Ford auction tootles on
The competition to win control of two of the most renowned names in Britain’s motor industry is cranking up a gear this week.
Ford Motor has set a deadline of this Friday for second round bids to purchase Jaguar,
Private equity widens search for financing
Private equity groups are looking to boost deal activity by making greater use of alternative sources of debt financing including going to the sellers of the assets being bought, hedge funds, mutual funds and possibly sovereign wealth funds.
Chances recede of Ford family sale
Prospects for a sale of the Ford family’s controlling stake in the troubled carmarker receded as it emerged that Henry Ford’s heirs had patched up differences and agreed to wait for the outcome of a radical turnround plan.
Jaguar and Landrover: The next ‘bad’ challenge for Guy Hands?
First it was EMI, now it’s Jaguar and Land Rover… UK buy-out group Terra Firma is among the potential bidders for Jaguar and Land Rover, reports the FT on Thursday.The buy-out group, headed by City financier Guy Hands,
Fiat in talks with Tata over Jaguar/Land Rover
Italian carmaker Fiat is in talks to team up with India’s Tata Motors in a joint bid for Jaguar and Land Rover, the UK marques put up for sale by Ford, reports The Daily Telegraph. Fiat may take a minority stake in the UK businesses at a later date if Tata’s bid is successful,
Ford chief urges Fed on rate cut
The chief executive of Ford has joined calls for the Fed to stimulate the economy, saying the housing crisis and credit turmoil has made sustaining economic growth a “priority”. In an indication of growing pressure on the Fed to cut rates,
Another ex-Ford chief races for Jaguar
A second former head of Ford Motor has entered the bidding for Jaguar and Land Rover, the US carmaker’s two UK premium marques. Sir Nick Scheele, Ford’s president and chief operating officer 2001-05,
Deripaska eyes Land Rover, Jaguar
Billionaire tycoon Oleg Deripaska, the head of Russian automaker GAZ, is interested in Ford’s premium British brands Jaguar and Land Rover, reports Reuters, citing German business weekly WirtschaftsWoche.
Ford sell-offs move up a gear
Ford is likely to let prospective bidders begin due diligence on its Jaguar and Land Rover brands next month and is pleased with the expressions of interest it has received in the brands, and in the “strength and quality” of the interested parties,
…And also prepares bid for Ford marques
Tata, India’s third-largest carmaker, is soon expected to appoint investment bankers to advise on its proposed bid for Ford’s Jaguar and Land Rover units, bankers in Mumbai said on Wednesday. Mahindra & Mahindra,