Ford Receives FTC Approval to Acquire 15% of Jaguar PLC

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 Friday.

Ford received early clearance by the Federal Trade Commission, which must approve major share acquisitions under the Hart-Scott-Rodino Act, said the Ford U.K. spokesman, who was not identified, in accordance with British practice.

“We’re pleased because we believe an association between Ford and Jaguar would be beneficial to both companies, and we further believe that Ford because of its commitment to Great Britain would be the most natural partner for Jaguar,” Ford spokesman Rex Greenslade in Detroit said.

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 Friday. It previously owned about 1% of the British luxury auto maker.