PSA Groupe linked with JLR takeover
Jaguar Land Rover could be sold to the PSA Groupe, according to reports.
The PSA Groupe, which already owns Vauxhall, has, according to The Telegragh, been circulating ‘post-integration documents’ identifying the benefits of such a deal, including cost savings of shared administrative functions.
Tata, which owns JLR, has denied any sale is on the cards. A spokesperson said, ‘As a matter of policy, we do not comment on media speculation, but we can confirm there is no truth to these rumours.’
JLR said it January it is cutting its workforce by 10 per cent in order to cut costs by £2.5bn, while its most recent quarterly results revealed a £3.4bn pre-tax loss – driven by falling sales in China and lower demand for diesel vehicles.
JLR staff have also worked in shorter shifts and missed out on pay cuts recently.