Nasser Wants Jag Back

Jacques Nasser, the former Ford chief executive, is to visit the Land Rover and Jaguar factories as part of his attempt to buy back the iconic brands that he put together, according to a report in The Times.

The newspaper said Nasser, who bought Land Rover for Ford seven years ago, is expected to attempt to win over trade union support for his bid with One Equity Partners, the private equity firm owned by JPMorgan Chase.

Union leaders, however, have urged the Government to block any sale to a private equity bidder, fearing that such a move could lead to widespread job losses.

Nasser's visit comes as the private equity groups bidding for the two brands, which are being sold together, put pressure on Ford to retain a stake in them.

It is understood that they want Ford to keep a 30% to 50% holding in the business to ensure security of engines and parts supplies.

The newspaper said all the groups that registered an interest by the July 19 deadline have gone through to the second stage. They are believed to include the private equity groups TPG, Cerberus, Ripplewood, Apollo and One Equity Partners, with trade interest thought to be coming from Indian groups Tata and Mahindra & Mahindra.