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

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

Tuesday, Mar 25, 2008 5:48PM UTC

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.

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)