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Page last updated at 15:58 GMT, Thursday, 8 November 2007
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Ford seeks New Year Jaguar sale

Jaguar workers looking at the new XK model
Ford announced plans to sell Jaguar and Land Rover earlier this year

Ford has said that it expects to sell Jaguar and Land Rover by early 2008, and both to the same bidder.

Ford is seeking to sell UK-based Jaguar and Land Rover as it continues efforts to streamline its operations and return to long-term profitability in the US.

"We anticipate this will culminate in an agreement no later than early next year," the firm said in a statement.

At the same time, it said its net loss in the third quarter was $380m (£180m), compared with a loss of $5.2bn in 2006.

Ford also said it cut 6,800 jobs in North America during the quarter.

Credit squeeze

The carmaker has already sold its Aston Martin division and is reviewing the future of Swedish brand Volvo.

But in August, the carmaker admitted that stock market turbulence was affecting the disposals.

The market turmoil has caused a sharp slowdown in general takeover activity.

With banks now less willing to lend money, potential buyers of Jaguar and Land Rover appear to be suddenly less able to borrow the funds they need.

However, Ford now says that it has continued to explore the potential sale of the combined Jaguar and Land Rover business and that a deal is getting nearer.



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FORD'S FUTURE

KEY STORIES

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BACKGROUND AND ANALYSIS

Jaguar What is the right price?
How much should a buyer pay for the two marques?

Who gains most from Jaguar sale?
A very British luxury brand
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