Ford turns down Renault bid for Jaguar. Probably.

The Sunday Times reports that Ford was first approached by Renault in 2005, as Jaguar posted yet another big loss for 2004. Officials for both companies repeatedly denied any discussion, but The Times reports that even the British government was aware of Renault's interest.

Any possibility for a deal seems to have died with Ford's $2.1 billion cash injection into Jaguar a month ago, and a Jaguar spokesperson again denied the Renault rumor Saturday. However, on the eve of Ford's "Way Forward" plan announcement, you have to wonder how an unprofitable Jaguar fits in with the company's cost-cutting plans.