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 brand is not being considered for sale.
Check out the full Bloomberg article here, as it dives deep into this story by also covering the current speculation that Ford may go private, yesterday’s news that JCB Chairman Sir Anthony Bamford has also expressed interest in purchasing Jaguar, and the news this morning that Robert Rubin, chairman of Citigroup, Inc., has resigned his seat on Ford’s board of directors.
[source: autoblog.com, bloomberg]
