Ford Motor Co. has hired investment banks to help it explore options including a sale of its Jaguar and Land Rover European luxury brands, sources familiar with the matter said, while several companies such as Alchemy, Renault and Fiat ruled themselves out from bidding. Any of these sales are unlikely to include Volvo.

Investment banks including Goldman Sachs, HSBC Holding Plc and Morgan Stanley are helping Ford to explore the sale of the two brands, have refused to comment on the situation, Reuters informs.

A report in London's City AM newspaper on Monday said Alchemy was preparing a $5.9 billion bid for Ford's luxury UK brands and quoted Alchemy managing partner Jon Moulton as saying he was very interested in a bid, however a company’s spokesman said on behalf of Moulton that the firm was interested only at an emotional level.

As well as Alchemy, French carmaker Renault denied it was a possible bidder for Jaguar and Land Rover, after City AM named it among possible bidders for the units.

Fiat Chairman Luca Cordero di Montezemolo said to reporters on Monday that there were no talks about Fiat buying Ford's Jaguar and Land Rover. He added that the company is bringing home the new 500 and lots of new Alfa and Lancia models, and for now, Jaguar and Land Rover are staying abroad.


Publication date: 15 June 2007   

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