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KPMG 'helping Ford sell Jaguar'

London, June 25, 2007

Ford has hired accountancy giant KPMG to go over the books at its Jaguar and Land Rover subsidiaries, says a report.

If the Sunday Times article is confirmed, it would show that Ford is moving ahead with plans to sell the two UK-based units.

Although Ford has yet to confirm it intends to sell Jaguar and Land Rover, the BBC reported earlier this month that it had already briefed MPs on the move.

Both firms have declined to comment on the latest story.

Ford has so far said it has been studying the future of Jaguar and Land Rover for a year, and that it was neither setting a timeframe for any decision, nor ruling out any options.

Union leaders have voiced concerns about possible redundancies at the two units should their sale go ahead.

Jaguar has about 10,000 staff at sites in Coventry, Birmingham and Liverpool, while Land Rover employs about 9,000 in the West Midlands and Warwickshire.

Ford, which has been selling assets in a bid to offset falling sales and profits, earlier this year sold Aston Martin.

Analysts say that the sale of Jaguar and Land Rover could raise as much as $1.5 billion (£750 million).




Tags: Ford | Jaguar | KPMG | LandRover |

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