Ford still expects to sell Jaguar, Land Rover by early 2008

Ford still expects to sell Jaguar, Land Rover by early 2008
Ford Motor Co. does not plan to retain a stake in its Jaguar and Land
Rover brands once those properties are sold, according to Lewis Booth, the head of the automaker's European operations.
Addressing analysts in Frankfurt earlier today, Booth said Ford hopes to complete the sale of its two British luxury brands by the end of the year -- or the beginning of 2008 at the latest. Sources close to the situation told The Detroit News that Ford has asked prospective purchasers to submit their final bids by the end of this month.
"We're selling the business because we need the money and we need the focus," Booth said. "So, we're not going out there with the intention of keeping an equity stake."
Booth added that Ford is continuing its "strategic review" of its other European luxury brand, Sweden's Volvo, and hopes to complete that process by year end.
Ford CEO Alan Mulally has said Ford does not need a global luxury brand to compete internationally, and instead wants to focus on reviving the company's core Blue Oval brand.
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