India’s Tata Motors Ltd. and Mahindra & Mahindra Ltd. are two contenders for the purchase. Apollo and One Equity Partners are also in the bidding for the two marques. Final bids submitted last week were between $1.5-$2.2 billion, although the amount bid by each contender is undisclosed. The most recent bids span a wider range and have a higher top end than the previous bids, which ranged from $1.8-$2.0 billion, reports Automotive News.
Regardless of which bidder wins, however, we won’t know until some time during the first quarter of 2008. Business for the 2007 calendar year is nearing an end in the U.S. with just eight business days until the Christmas holiday.