India's Mahindra & Mahindra and new Chrysler owner Cerberus have both withdrawn bids, according to a Reuters report.

Cerberus is believed to have pulled out after deciding it has too many commitments following the acquisition of the Chrysler Group. None of the four remaining interested companies, One Equity Partners, Ripplewood, Tata Motors and TPG, are thought to have completed the due diligence process. Ford has been exploring the possible sales of the two brands since June. Finance giant Merrill Lynch has valued the combined value of Jaguar and Land Rover at $1.5bn (£750m).