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Tata is leading JLR bidder

By Ben Pulman Motor Industry 03 January 2008 13:16 Ford looks set to sell Jaguar/Land Rover (JLR) to Tata. In a statement to JLR workers today, Ford of Europe chairman Lewis Booth said: ‘Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business.’ This is the first time that Ford has publicly revealed the identity of any bidder for JLR.   JLR has been up for sale since June 2007, and other potential bidders include rival Indian vehicle maker Mahindra Group and private finance group One Equity fronted by former Ford CEO Jac Nasser. Tata itself already owns a few famous names, including Tetley Tea and Corus (formerly British Steel).

Former General Motors CEO nets multimillion-dollar retirement package

Former General Motors CEO Rick Wagoner will officially punch out on Aug. 1 with a compensation package worth almost $8.6 million over the first five years. The deal is significantly lower than what he could have received; it would have been $23 million at the end of last year, Reuters reports.

Saab unable to pay wages as financing crisis deepens

Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.'  While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.