Hyundai squashes Jaguar takeover rumors

Industry speculation about the future of Ford's Jaguar brand reached a crescendo this week, with insiders' favorite rumor tipping Hyundai as the lead candidate to buy Jaguar (supposedly destined for its Kia subsidiary), with Land Rover mentioned as a likely companion in a package deal. Well, its time to reset the rumor mill - Hyundai issued a statement Friday saying it is not interested in the luxury brand, either for itself or for Kia.
Hyundai said its investments in the expansion of overseas production in North America, Europe, China and India, and in alternative powertrain technologies, rule out any acquisitions at this time. The Korean automaker confirmed that it previously studied acquiring a luxury brand to add to its portfolio, but said the option was dropped.

[Source: Bloomberg]

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