|
Tata said Monday it has closed on the deal first announced on March 26. Tata is paying about $2.3 billion for the British brands, but Ford is paying about $600 million into the Jaguar-Land Rover pension fund.
The sale nets the Dearborn-based automaker $1.7 billion -- roughly a third of the price it paid for the two luxury brands.
Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.
The sale had been in the works for months as cash-strapped Ford sought money to fund its turnaround plan.
[Associated Press]
Copyright 2008 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
 |
