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Tata Motors Wins EU Antitrust Backing to Buy Jaguar, Land Rover

April 25 (Bloomberg) -- Tata Motors Ltd., India's largest truckmaker, secured European Union antitrust approval to buy Jaguar and Land Rover from Ford Motor Co. for $2.3 billion.

The European Commission, the 27-nation European Union's antitrust regulator in Brussels, announced the approval in a statement today.

Ford, the world's third-largest automaker, on March 26 agreed to sell the two units to Tata as demand for luxury vehicles is dropping. Ford is ending its investment in U.K.-based brands as the U.S. housing slump and job losses curb sales of models such as the $80,000 Jaguar XK.

Ford bought Jaguar in 1989 for $2.5 billion and Land Rover in 2000 for $2.75 billion.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aded4Xl44mYQ
 
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