Ford Motor Co, unwinding a two-decade luxury-car strategy, will provide more detailed financial data to bidders for UK-based Jaguar and Land Rover, the company's finance chief said.
"They've looked at some information," chief financial officer Don Leclair said in an interview on Thursday. Ford is sharing more materials because "there's another level of diligence" as the company pursues bids further, he said.
"We've concluded it's probable we will sell," Leclair said, declining to say how long the process might take. Dearborn, Michigan-based Ford received tentative bids last week, and hasn't disclosed the number or the bidders' identities.
Unloading Jaguar and Land Rover would free resources and management attention for returning Ford's North American automotive operations to profit. Ford sold UK-based Aston Martin in May and said on Thursday it's working on a "strategic review" of Sweden-based Volvo to be done by year's end.
Ford began its foray into European luxury brands in 1987 by buying a controlling stake in Aston Martin, which makes sports cars costing US$100,000 or more.
The US automaker bought Jaguar in 1989 for US$2.5 billion, Volvo in 1999 for US$6.45 billion and Land Rover in 2000 for US$2.73 billion. After putting Aston Martin on the block last year, Ford sold it for US$848 million to investors led by UK auto-racing champion David Richards.
On Friday, Merrill Lynch analyst John Murphy raised his rating on Ford to "neutral" from "sell" after the automaker reported earnings of US$750 million for the second quarter, its first quarterly profit in two years.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS