Jaguar: Ford declines Renaultâ€™s offer
News coming in from the auto market claims that US automaker Ford have refused to accept a potential bid from Renault for their Jaguar brand. Jaguar is based in Britain and was taken over by Ford a couple of years ago. However, Ford has failed to benefit much from this prestigious brand, as they are continuously investing more and more in this company to cover for its losses without gaining much in return. The company also failed to capitalize on the brand name with a failed venture in Formula-1 racing.
As per incoming reports, Jaguar lost as much as Â£429.3 million in 2004. They also recently ceased car production at its famous Browns Lane plant in the Midlands. Ford also recently announced an injection of an additional Â£1.2 billion into the company through the purchase of new shares. Despite all these, Ford has found no reasons to sell off Jaguar to Renault.
Rumors about such an offer from Renault have been circulating in the market since sometime now. Renault has denied making such an offer. Jaguar has also denied that they are available for sale to another company by their parent company Ford. However, Renault has good reasons to make a bid for such a famous marquee considering the company lacks presence in the luxury car segment.