Struggling Jaguar Land Rover ‘could be sold’ to French firm that owns Peugeot, Citroen and Vauxhall
Insiders claim the car giant is set to be snapped up
STRUGGLING Jaguar Land Rover could be sold to a French manufacturing firm after the holding company lost £3.4billion in just three months.
Insiders claim the car giant - currently owned by Indian conglomerate Tata Motors - is set to be snapped up by PSA, which owns Peugeot, Citroen, and Vauxhall.
Leaked 'post-sale integration' documents appear to outline the benefits of the two companies linking up.
But Tata Motors denied the sale - despite the document claiming a merger could save the two companies millions.
A spokesman said: "As a matter of policy, we do not comment on media speculation, but we can confirm there is no truth to these rumours."
One insider said: "To have a document like this in circulation at the two firms points to the fact things are very far down the line with either a sale or acquisition.
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"Just look at how close the two firms are in the UK - the two head offices in Coventry and Gaydon are just 25 miles apart and both firms make cars in the UK.
"There are plenty of ways the two companies could save money by working together."
Jaguar Land Rover employs 44,000 workers in the UK at sites in Halewood on Merseyside and Solihull, Castle Bromwich plus Wolverhampton in the West Midlands.
In October last year the car giant unveiled a £2.5 billion turnaround plan that included cost cutting after Brexit uncertainty and slowing demand in China left it nursing a hefty second-quarter loss.
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The firm will launch a voluntary redundancy programme in the UK and has confirmed that the cuts won't affect production line staff.
It said the cuts will be made to management as part of a wider restructuring plan that will save the company £1billion.
Tata lost $4billion (£3.4billion) from October to December last year.
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