Ford: British brands must go

Ford Motor Co. does not plan to retain a stake in its Jaguar and Land Rover brands once those units are sold, according to Lewis Booth, head of the automaker's European operations.

Addressing analysts in Frankfurt Wednesday, Booth said Ford hopes to complete the sale of its two British luxury brands by the end of the year — or the beginning of 2008 at the latest. Sources close to the situation told The Detroit News that Ford has asked prospective buyers to submit their final bids by the end of this month.

"We're selling the business because we need the money and we need the focus," Booth said. "So, we're not going out there with the intention of keeping an equity stake."

Ford kept a small stake in Aston Martin when it sold that brand earlier this year.

Booth added that Ford is continuing its "strategic review" of its other European luxury brand, Sweden's Volvo, and hopes to complete that process by year end. More at Detroit News