Ford advances Jaguar and Land Rover sale talks

By Mathieu Robbins

LONDON (Reuters) - U.S. carmaker Ford Motor said it plans to continue talks with selected suitors for its Jaguar and Land Rover brands, but stopped short on Thursday of committing itself to selling them.

"We are pleased with the positive expressions of interest in the business we have received and in the strength and quality of the interested parties," said Ford in a statement.

"We are now exploring in greater detail the potential sale of the combined Jaguar Land Rover business with selected parties who have expressed interest."

Ford added, however, there is no guarantee it will agree to a sale.

Ford, based in Dearborn, Michigan, is evaluating whether to hold onto its premium European brands. It has also said it may sell Volvo.

Indian companies Tata and Mahindra & Mahindra, along with U.S. buyout firms TPG and Ripplewood, were among those that Ford plans to continue talks with, a person familiar with the matter said on Thursday.

Ford declined to comment on the identity of possible bidders. It had requested expressions of interest and loose valuations from potential bidders by July 19, other sources familiar with the situation said earlier this month.

Ford said last month it was working with financial advisers on the best options for Jaguar and Land Rover. Sources have said Goldman Sachs, HSBC Holdings Plc and Morgan Stanley are the banks on the deal.