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Report: Ford hires KPMG to eye Jaguar books

From Reuters | June 25,2007

LONDON (Reuters) -- Ford Motor Co. has hired accountant group KPMG to examine the books at Jaguar and Land Rover ahead of their expected sale later this year, the Sunday Times reported today.

The newspaper, which did not name the source of its information, said KPMG had been given a mandate to revamp the companies' accounts so that they are in a proper form to be examined by would-be buyers.

"KPMG's main task will be giving a clear picture of Jaguar and Land Rover's performance as businesses separate from the influence of Ford," the paper said, adding that the accounting firm has been asked to examine the companies' pension liabilities.

Officials at Ford and KPMG were not immediately available for comment.

Earlier this month, Ford said it was working with financial advisers on the best options for Jaguar and Land Rover as it continues a strategic review of its global operations.

Sources familiar with the matter have said that Ford had hired investment banks -- including Goldman Sachs, HSBC Holdings Plc and Morgan Stanley -- to help the automaker explore the sale of the two brands.

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