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Another former Ford boss has entered the race to buy Jaguar and Land Rover. Sir Nick Scheele, president of the Blue Oval between 2001 and 2005, is understood to be preparing a bid backed by American private equity firm Ripplewood Holdings.
Scheele is the second former Ford boss to be linked with the Jaguar and Land Rover sale. Jac Nasser, who was in control of Ford from 1999 to 2001, will head a bid financed by another private buyout group, One Equity. Other firms understood to be preparing offers include the new owners of Chrysler, Ceberus Capital Management, and India's Tata Motors.
Although Ford has so far refused to confirm the details of the bidding process, it is believed that bosses would like a tentative deal in place to offload the two luxury marques by September 30, with full ownership being passed on by the end of the year.
Ford is also reviewing its options for Volvo, with the possibility of having the Swedish marque sold by the end of 2007.
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