Ford plans on another huge European dump

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Reuters reports that Ford has hired Goldman Sachs, HSBC and Morgan Stanley to sell-off its British luxury brands, Jaguar and Land Rover. A Citigroup analyst said the sale could raise $8 billion for the cash-strapped firm that lost $12.6 billion last year and $282 million in the first quarter of '07. The analyst comments, "Given recent auto buyout activity, Ford would have reason to explore and could realize premium valuations."
In March, Ford started dumping its European brands by selling Aston Martin for $925 million. The current round of sell-offs come as Toyota moves to overtake Ford as the second largest manufacturer in the US market. As Jaguar CEO Geoffrey Robinson said, "Ford has got some huge problems on its own, really huge."
[This post was written by Grand Master Automotive Autoeroticist Peter Ribic]
Jaguar sale could secure Ford's future [BBC]

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