Ford Lowers the Bar for Sale of Jaguar and Land Rover
According to The Sunday Telegraph, FoMoCo is making it easier for bidders intent on relieving the automaker of the remaining British pieces of their PAG (Premium Automotive Group). In an "unprecedented move," Ford has decided that potential buyers do not have to submit fully-financed bids for the second round. The change reflects the tightening of the international credit market; a trend that raised the cost of Cerberus' Chrysler takeover and delayed the recent sale of GM's Allison Transmissions unit. The lowered bar is a big boost to bids by two (count 'em two) ex-Jag CEOs (Sir Nick Scheele and Bob Dover), former Ford CEO Jac Nasser and Chrysler-owning Cerberus; all of whom are playing this game with OPM (Other People's Money). Indian automakers Tata Motors and Mahindra & Mahindra, however, are bound to be pissed at FoMoCo's newly leveled playing field.