P.M. BRIEFING : Ford’s Stake 12%, Jaguar Says
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LONDON — Jaguar PLC said today that Ford Motor Co. is continuing to build its unwelcome stake in the British luxury car maker, boosting its holdings to 12% from 10.4%.
The stock purchase coincides with talks between Jaguar and General Motors Corp. on an operating agreement that is expected to include a commitment from GM to take a small equity stake in Jaguar.
Jaguar said Ford owned 21.9 million Jaguar shares by the close of trading Friday. Last Tuesday, Ford reported holding 19 million shares.
Ford has bought Jaguar shares steadily in the open market since receiving U.S. regulatory approval earlier this month for its plans to buy up to 15% of Jaguar, in a prelude to a possible full bid for the company.
Jaguar has said it wants to remain independent.
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