LONDON (Reuters) - U.S. automaker Ford Motor (F.N) could announce as early as late next week the sale of its luxury Jaguar and Land Rover brands to Indian carmaker Tata Motors (TAMO.BO), said a source familiar with the matter.
The deal, which is now set to go ahead after Tata met a Ford UK labour union last week, could be announced on March 5 or March 6, although the timing could yet slip, the source said on Monday.
Tata, India’s top vehicle maker, has been in talks with Ford since it was chosen as the front-runner to buy the units a few days into 2008.
Labour union Unite said last Friday it had held constructive talks with Tata over its planned acquisition of Jaguar and Land Rover.
Unite is the main union representing workers at Land Rover and Jaguar, and has about 12,000 members there.
Ford declined to comment on Monday, but reiterated it expects a deal early in 2008.
Editing by David Cowell