Indian automaker Tata Motors is one step closer to acquiring Jaguar and Land Rover from Ford after winning the support of the unions utilized by the British brands. A non-essential but still important victory for Tata, the unions' shop stewards voted that if Ford were to sell the two manufacturers they feel Tata would be the best choice.
The unions still seem to believe that Ford keeping Jaguar and Land Rover would be the best situation for the workforce.
Union leadership also met with rival bidders, One Equity Partners - a division of J.P. Morgan Chase - and Mahindra & Mahindra Ltd., an Indian automaker. Tata apparently won over the union by saying they had no intention of moving or outsourcing workers to India, and top executives at Jaguar and Land Rover would likely keep their positions.
Ford acquired Jaguar for $2.5 billion in 1989, and Land Rover for $2.75 billion in 2000. Ford recently sold off Aston Martin for $925 million, and still needs more liquidity to satisfy its investors.
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