P.M. BRIEFING : GM Asks OK to Buy Part of Jaguar
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LONDON — General Motors Corp. is seeking U.S. regulatory clearance to purchase up to 15% of Jaguar PLC, a GM spokesman said today.
Jaguar, which wants to remain independent and faces a possible takeover bid from Ford Motor Co., has been talking with GM about a cooperation agreement that would involve GM, the world’s biggest auto maker, buying a minority stake in Jaguar.
GM’s filing for regulatory clearance was within the context of those talks, sources said.
The GM spokesman, reached in London, confirmed the company had made a filing with the Federal Trade Commission, which must approve major share acquisitions involving U.S. companies under the Hart-Scott-Rodino Act.
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