IPO$
17 years ago
BY TIM HIGGINS
FREE PRESS BUSINESS WRITER
Chrysler LLC, which is searching for partners to help give the Auburn Hills automaker a more global reach, is reportedly in talks with Indian automaker Mahindra & Mahindra Ltd. over some sort of partnership.
Chrysler wants to tap the Indian company's engineering expertise to develop products for emerging markets, the Economic Times in India reported today, citing an unnamed industry source.
Advertisement
Mahindra was reportedly in the bidding to purchase the Britain-based Jaguar and Land Rover brands from Ford Motor Co. Friday's report said the potential Chrysler and Mahindra deal could include an equity stake.
A spokeswoman for Mahindra could not be reached for comment, and a Chrysler spokeswoman was unable to comment Friday. Chrysler prepared Thursday for more global alliances, appointing Simon Boag executive vice president for global alliance operations.
"As outlined in the company's recovery and transformation plan, growth in markets outside of North America is critical to the success of Chrysler," President and Vice Chairman Tom LaSorda said in a statement. "We are looking for new alliances and growth opportunities all over the world."
LaSorda signed a partnership with Chinese automaker Chery Automobile Co. last year to sell small cars under the Chrysler, Dodge or Jeep brand names.
An executive at Gaz, a Russian automaker, told the Financial Times in London last month that his company was talking with Chrysler.
Contact TIM HIGGINS at 313-222-8784 or thiggins@freepress.com.
IPO$
17 years ago
The investment group at which Jacques Nasser is senior partner for mergers and acquisitions is in talks with the former Ford CEO's ex-employer to purchase Jaguar and Land Rover, according to four people said to be familiar with the situation by Bloomberg. The sources go on to say that the talks are very cordial thanks to the fact that Nasser has been on good terms with Bill Ford, Ford's current CEO and Nasser's successor, ever since he was relieved of his duties at the company's helm in October of 2001. It's an ironic twist of events considering that during his tenure at Ford, Nasser oversaw the purchase of Volvo and Land Rover at a time when it was believed that PAG would account for a substantial portion of the Blue Oval's overall profit.
Nasser's investment group is JPMorgan Chase & Co.'s One Equity Partners LLC. The firm has a track record of turning companies around quickly and making a profit. In 2002, Nasser and the group bought Polaroid for $238 million and flipped it just last year for $426 million.
The sources cited by Bloomberg also say that regardless of Ford's current situation, the Volvo