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Ford agrees to sell Euro brands for $2 bln: source

LONDON
Tue Mar 25, 2008 1:48pm EDT

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A combo of pictures shows the logos of carmakers Tata Motors of India (L), Jaguar (top R) and Land Rover (bottom R) during the first media day of the 78th Geneva Car Show March 4, 2008. Tata Motors Ltd was tight-lipped on Tuesday as speculation mounted that Ford Motor Co was set to announce this week the sale of its luxury brands Jaguar and Land Rover to the Indian firm. REUTERS/Denis Balibouse/Arnd Wiegmann

LONDON (Reuters) - Ford (F.N) has agreed to sell its UK-based Jaguar and Land Rover brands to India's Tata Motors (TAMO.BO) for more than $2 billion, said a source familiar with the matter on Tuesday.

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Ford, which signed the deal on Tuesday, plans to publicly announce the transaction, which will also see it pay about 300 million pounds ($597.7 million) into the European units' pension fund, on Wednesday, said the source.

Ford declined to comment on the deal, adding "our first responsibility is to communicate with our employees."

(Reporting by Mathieu Robbins; Editing by David Holmes)
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