Arab investment funds are targeting Jaguar and Land Rover, the luxury car marques that US owner Ford has put up for sale for more than US$6 billion ($7.8 billion).
Abu Dhabi's Mubadala Development Company, already the owner of 5 per cent of Ferrari, and Dubai International Capital, which controls a US$1 billion stake in DaimlerChrysler, have instructed their financial advisers to draw up plans for bidding for one or both of the companies, which employ 16,000 British workers at Midlands factories.
Trophy car brands are a favourite for Middle Eastern investors - last month a Kuwaiti investor put up US$480 million to help buy Ford-owned luxury car maker Aston Martin.
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