Ford Short-Circuited GM Plan to Buy Jaguar Stock, Paper Says

Ford Motor Co. short-circuited a plan earlier this month for General Motors Corp. to acquire 30% of Jaguar PLC by moving to buy some of the British luxury car maker’s stock, the Wall Street Journal reported today.

The newspaper, quoting unidentified sources at Ford and GM, said Ford announced it was seeking to buy 15% of Jaguar’s stock shortly after it got wind of the deal top GM executives were discussing with Jaguar. Jaguar officials called Ford’s attentions unwelcome.

Executives at GM and the financially troubled Jaguar are reassessing their positions in light of the Ford move, the newspaper said.

Ford spokesman Rex Greenslade said the company had heard rumors for months that a variety of companies, including GM, were interested in a stake in Jaguar. But he said Ford did not react solely to a GM bid for part of Jaguar.

Ford has no luxury performance car in its lineup that would compete with Jaguar. GM markets the Cadillac Allante in that market segment. Ford has confirmed that it is talking with the Swedish car maker and truck maker Saab-Scania AB.