Tatas takeover today

A formal announcement declares Tatas as the preferred bidder for the Jaguar and Land Rover is imminent, reports Vijay Dutt.

A formal announcement on Friday declaring the Tatas as the preferred bidder for the Jaguar and Land Rover is imminent. Tata officials reportedly arrived here from India for last-minute talks and the final and formal announcement.

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TV crews from India have also set to cover the mega deal, although the talks are being held behind doors as was in the case when the Tatas take-over of Corus was announced. A report quoted sources at Land Rover saying, "It is definitely the Tatas. There is one final meeting and so long as there is no last minute hitches, which are not expected, an announcement will be made on Friday."

There was some uncertainty on Thursday as to whether the announcement would be made simultaneously from London, Mumbai and the US Senior Tata officials are scheduled to fly back to India on Saturday so the general impression is that the announcement would be on Friday in London.

Des Quinn, industry officer for the Transport and General Workers' Union section of Unite said, "We cautiously welcome this development, although the devil will be in the detail. We think the Tata bid is in the best interests of our members. They come from a manufacturing background, and the experience of other people they have taken over has been good."