March 21, 1990 |
The price of Ford Motor Co.'s $2.5-billion acquisition of Jaguar PLC was five times the British car maker's actual net asset value, Ford disclosed in its annual report. The annual report, which was sent out March 19, said Ford paid $2 billion more than what it said was the fair value of Jaguar's net assets, which it pegged at $500 million. At the time of the acquisition last December, some auto analysts said Ford was paying a significant premium for the British company.
December 15, 1989 |
British luxury car maker Jaguar, shifting gears after its recent agreement to a takeover by Detroit's Ford Motor Co., announced plans Thursday to produce a new 200-m.p.h. sports model to compete with Ferrari and Porsche. The Jaguar XJ220 will cost $587,000 (366,850 pounds) and production will be limited to an initial 220 cars, or at most 350 if there is enough interest. But the car will not be available in the United States because it will meet only European specifications.
December 1, 1989 |
Jaguar PLC, which is being acquired by Ford Motor Co. in a friendly $2.5-billion deal, said today its shareholders have approved lifting a restriction limiting holdings in the British luxury auto maker to just 15%. The shareholders approved waiving the restriction by more than 99%. The measure required approval of at least 75%. The approval was widely expected and clears the way for Ford to buy more Jaguar shares and gain control of its target. In response to the news, Jaguar rose 1.