GM Seeks to Buy 15% Stake in Jaguar PLC
LONDON — General Motors Corp. is seeking U.S. regulatory clearance to purchase up to 15% of Jaguar PLC, a GM spokesman said Thursday.
Jaguar, which wants to remain independent and may face a takeover bid from Ford Motor Co., has been talking with GM about a cooperative agreement that would involve GM, the world’s biggest auto maker, buying a minority stake in Jaguar.
GM’s application for regulatory clearance was made within the context of those talks, sources said.
The GM spokesman, reached in London, confirmed the filing with the Federal Trade Commission, which must approve major share acquisitions by U.S. companies. Under U.S. regulations, a company may begin an intended stock purchase if the FTC has raised no objection to it within 30 days.
Until it receives FTC clearance, GM will be limited to buying no more than $15 million worth of Jaguar shares. The GM spokesman would not say when the filing took place.
