• MSNBC/AP, Thursday, January 3, 2008 10:45 AM

Ford has entered into "focused negotiations at a more detailed level" with India's Tata Motors, meaning Tata has become the preferred bidder for its Jaguar and Land Rover units. "We will proceed with further substantive discussions with Tata Motors over the forthcoming weeks," says Lewis Booth, executive vice president of Ford's European units, in a statement.

Jaguar and Land Rover employees in the United Kingdom were told about the negotiations this morning shortly before the company made the announcement.

Ford spokesman Jay Ward in London would not say how much Tata has bid for the automakers, nor would he say if the other two bidders--Indian automaker Mahindra & Mahindra and U.S. private equity firm One Equity Partners LLC--were still in the running. Last month, people close to the negotiations said suitors had submitted bids that ranged from $1.5 billion to $2 billion.

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