Hyundai won't buy ailing Jaguar
South Korea's Hyundai put an end Thursday to speculation that it might bid on Ford Motor Co.'s troubled luxury nameplate Jaguar.
"Hyundai Motor Co. is not considering acquiring Jaguar or any of its assets," the automaker said in a statement.
Speculation about such a deal has grown since Ford Motor Co. hired an investment banking expert to study its assets, including the money-losing British brand.
Hyundai was viewed as a possible buyer because it has expressed interest in selling luxury cars.
"At one point we did conduct an internal review to acquire a luxury nameplate like Jaguar but that option was dropped," Hyundai said. "With the obligations we have undertaken to expand overseas production plus the huge sums we are investing into alternative power plant technologies such as hybrids and fuel cells, we really have enough on our hands that we must rule out any acquisition at this point."
After losing $1.44 billion in the first half of 2006, Ford retained former Goldman Sachs executive Kenneth Leet to review its operations, including its Premier Automotive Group of luxury brands.
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