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Former Ford executive joins bidding for Jaguar, Land Rover

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DETROIT (AP) _ Another former Ford Motor Co. executive has joined the bidding for Ford's Jaguar and Land Rover brands, a person familiar with the negotiations said Friday.

Sir Nick Scheele has joined New York-based Ripplewood Holdings LLC in its bid for the luxury brands that cash-strapped Ford is trying to sell, according to the person, who requested anonymity because the bidding is ongoing.

Scheele served as Ford's president and chief operating officer from 2001 until his retirement in 2005. He also led Jaguar from 1992 to 1999.

Scheele's involvement pits him against Jacques Nasser, who was Ford's chief executive from 1999 to 2001. Nasser is leading a separate bid by One Equity Partners LLC, according to the person familiar with the negotiations. One Equity manages private equity investments for JPMorgan Chase & Co.

Jaguar spokesman Jonathan Griffiths said he couldn't comment Friday. A message left with a spokesman for Ripplewood Holdings was not immediately returned.

Ford bought Jaguar in 1989 and Land Rover in 2000, joining them with Aston Martin and Volvo to form its Premier Automotive Group. But the automaker lost $12.7 billion in 2006 and has said it expects to burn $17 billion in cash before returning to profitability sometime in 2009.

Earlier this week, Ford completed the sale of its controlling stake in Aston Martin for $931 million in cash and preferred stock to Primrose Cove Ltd., a holding company.

Ford has taken opening bids for Jaguar and Land Rover and Ford President and CEO Alan Mulally said in late July that the probability of selling the brands is greater than 50 per cent. Ford also has begun a strategic review of Volvo, which would be the prelude to a sale.

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Former Ford executive joins bidding for Jaguar, Land Rover
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