Tatas to clinch another overseas acquisition

As the countdown for the sale of Ford’s iconic brands Jaguar and Land Rover begins, the stage seems to be set for the Tatas to clinch another overseas acquisition in the automobile segment. According to the international media, speculation is rife that the Tata's will walk away with the prestigious brands.

The UK-based Brinhmingam Post has reported that Tata will be named as the preferred bidder for Jaguar and Land Rover on Friday (Dec 21). It has further reported that the TATA group has had its £1 billion bid accepted by Ford, which is selling the luxury carmakers.

Interestingly, the Canadian press has also reported that Ford Motors could name Tata Motors a "preferred bidder" by Friday. It's learnt that deliberations are on with the three potential buyers -- Tata Motors, Mahindra & Mahindra (M&M) and the American buyout group OneEquity. However, a final deal is not expected to be announced till early next year.

Tatas reportedly have made a bid of $2.05 billion for the two brands, thwarting rival Mahindra & Mahindra’s bid of $1.9 billion.

While Tatas successfully managed to take over Corus, however, the company's effort to forge a strategic alliance between one of the group companies -- India Hotels and US-based hotel chain Oriental Express hit a wall.

The US-based hotel chain, in which the Taj Group has 11.5 per cent stake, turned down for the second time Tata’s proposal for a strategic tie-up earlier this month.