P. M. BRIEFING : Jaguar Clears Way for Ford
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LONDON — 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 1.57 cents to $13.13 a share on London’s Stock Exchange. Ford has offered $13.35 a share for Jaguar.
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