P. M. BRIEFING : U.S. OKs Ford 15% Jaguar Purchase
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LONDON — Ford Motor Co. has received U.S. regulatory clearance to buy up to 15% of Jaguar PLC, a spokesman for Ford’s British unit said today.
Ford received early clearance by the Federal Trade Commission, which must approve major share acquisitions under the Hart-Scott-Rodino Act, said the Ford United Kingdom spokesman.
Jaguar shares closed $1 higher at $11.77 on London’s Stock Exchange. Volume was a heavy 13 million shares.
It was not immediately clear whether Ford had purchased any Jaguar shares today. It previously owned about 1% of the British luxury auto maker.
Jaguar’s rules of association prohibit any shareholder from taking more than a 15% stake before the end of 1990 and give the British government a “golden” share with which it may block any bid for the formerly state-owned company.
Jaguar has characterized Ford’s stake-buying as unwelcome and says it wants to remain independent.
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