An American car dealership giant is in advanced talks to buy Jardine Motors, one of the largest automotive retail groups in Britain, for about £300m.
Sky News has learnt that Lithia Motors, which has a market capitalisation on the New York Stock Exchange of more than $6.5bn, is within weeks of finalising a deal to buy its UK-based peer.
One insider cautioned that a deal remained under discussion and could yet fall apart.
If successfully completed, it would see Jardine Motors being sold by Jardine Matheson Holdings, the historic Hong Kong-headquartered conglomerate.
Jardine Matheson owns assets including the Mandarin Oriental hotel chain and Hong Kong Land.
Sources said a takeover would give Lithia a substantial foothold in the UK, with access to luxury car brands including Ferrari and Maserati.
Lithia is committed to using the Jardine Motors business as a platform for growth, they added.
More from Business
It would be the latest in a string of attempted deals in the sector, with Pendragon recently having ended talks about a takeover by its largest shareholder.
Lithia itself also tried to buy Pendragon last year.
Advertisement
Other big players in the sector include Lookers, while major online competitors such as Cazoo have suffered from the global sell-off in technology stocks.
Jardine Motors was acquired as a single East Anglia dealership by Jardine Matheson in the early 1990s.
It employs roughly 2,700 people at 50 sites across the UK, according to its website.
Brands sold at its dealerships include Ferrari, Jaguar, McLaren and Porsche.
Responding to an enquiry from Sky News on Monday, a Lithia spokesman said: “Lithia has a stated desire to expand into the UK market and has held discussions with Jardine Matheson with a view to investing in Jardine Motors Group UK.
“Jardine Motors Group UK is one of the UK’s leading automotive retailers and Lithia firmly believes that a combination of the two businesses will help to deliver significant value for employees, partners and customers.
“Lithia views the potential acquisition of Jardine Motors as a platform for future growth in the UK and plans to invest in the business, working with Jardine Motors’ market-leading management team to build on the strong momentum the Group has generated in recent years.
“Discussions around a potential transaction are ongoing and a further update will be issued in due course.”
Jardine Motors has yet to reveal financial results for 2022, but saw revenues rise 19% in 2021, with an operating profit of £28m.
A Jardine Motors spokesman declined to comment.
It was unclear whether its London-listed parent company would also issue a statement confirming the talks.
Rothschild is advising Jardine on the talks, while Deloitte is advising Lithia.
A man has been taken into custody two days after a US politician and her husband were shot dead in Minnesota, law enforcement officials have said.
Authorities had urged the public not to approach Vance Boelter, 57, who they warned could be armed, and who was reportedly posing as a police officer.
A massive manhunt was launched on Saturday after Melissa Hortman and Mark Hortman were shot dead at their home in Minneapolis in what Minnesota governor Tim Walz called a “politically motivated assassination”.
Police said the same gunman that killed the Hortmans had earlier shot and wounded Democrat senator John Hoffman and his wife, Yvette, at their home nine miles away.
Image: Representative Melissa Hortman and Senator John Hoffman. Pic: Facebook/Minnesota Legislature
Boelter was arrested on Sunday evening in a rural area in Sibley County, southwest of Minneapolis.
He faces two counts of second-degree murder and two counts of attempted second-degree murder in the deaths of the Hortmans and the wounding of Hoffman and his wife.
Image: The FBI released this image of Vance Boelter posing as a police officer. Pic: FBI.
Police said they responded to gunfire reports at the Hoffmans’ Champlin home shortly after 2am on Saturday and found them with multiple gunshot wounds.
They then checked on the Hortmans’ home, in the nearby Brooklyn Park suburb, and saw what appeared to be a police car and a man dressed as an officer leaving the front door.
“The individual immediately fired upon the officers, who exchanged gunfire, and the suspect retreated back into the home” and escaped on foot, said Brooklyn Park police chief Mark Bruley.
Authorities believe Boelter wore a mask as he posed as a police officer, and also used a vehicle resembling a squad car.
Several AK-style firearms and a list of about 70 names, which included politicians and abortion rights activists, were allegedly found inside the vehicle.
Please use Chrome browser for a more accessible video player
1:08
Governor calls it ‘targeted political violence’
‘We are both incredibly lucky to be alive’
Senator Hoffman was shot nine times and is having multiple surgeries, according to a text message shared on Instagram by fellow senator Amy Klobuchar on Sunday.
The text from Yvette Hoffman added: “I took 8 and we are both incredibly lucky to be alive.”
She said her husband “is closer every hour to being out of the woods”.
Mrs Hortman used her position to champion protections around abortion rights, including laws to cement Minnesota’s status as a safe refuge for people from restrictive states, who travel there for an abortion.
Her work also sought to introduce protections for services that provide abortions.
A manhunt is continuing after the gunning down of a Democrat politician and her husband – with police saying they’re acting on the assumption he is still alive and dangerous.
Melissa Hortman and Mark Hortman were shot dead at home in a Minneapolis suburb on Saturday in what governor Tim Walz called a “politically motivated assassination”.
Democrat senator John Hoffman and his wife were also shot multiple times at their home nine miles away, but survived.
A search is under way for Vance Boelter, 57, who authorities believe wore a mask as he posed as a police officer, and also used a vehicle resembling a squad car.
Several AK-style firearms and a list of about 70 names, which included politicians and abortion rights activists, were found inside.
Image: Melissa Hortman and Senator John Hoffman. Pic: Facebook / Minnesota Legislature
Boelter was last caught on camera wearing a cowboy hat – a similar hat was found near another vehicle belonging to him on Sunday.
Authorities said at their latest news conference they assume he is still alive.
Hundreds of police officers are searching for Boelter, who escaped from the Hortmans’ house on foot after an exchange of gunfire.
Senator Hoffman was shot nine times and is having multiple surgeries, according to a text message shared on Instagram by fellow senator Amy Klobuchar on Sunday.
The text from Mr Hoffman’s wife, Yvette, added: “I took 8 and we are both incredibly lucky to be alive.”
She said her husband “is closer every hour to being out of the woods”.
“We believe [Boelter’s] somewhere in the vicinity and that they are going to find him,” Senator Klobuchar told NBC’s Meet the Press.
“Everyone’s on edge here,” she added, “because we know that this man will kill at a second.”
Please use Chrome browser for a more accessible video player
2:58
Neighbours of killed US politician stunned
Police said they responded to gunfire reports at the Hoffmans’ Champlin home shortly after 2am on Saturday and found them with multiple gunshot wounds.
They then checked on the Hortmans’ home, in the nearby Brooklyn Park suburb, and saw what appeared to be a police car and a man dressed as an officer leaving the front door.
“The individual immediately fired upon the officers, who exchanged gunfire, and the suspect retreated back into the home” and escaped on foot, said Brooklyn Park police chief Mark Bruley.
Another vehicle belonging to Boelter was searched on Sunday in Minnesota’s Faxon Township. A cowboy hat similar to the one seen in the police appeal was found nearby.
It’s been revealed that the suspect texted friends around 6am on Saturday to say he had “made some choices” and was “going to be gone for a while”.
According to AP, which has seen the messages, he reportedly said: “May be dead shortly, so I just want to let you know I love you guys both and I wish it hadn’t gone this way… I’m sorry for all the trouble this has caused.”
Please use Chrome browser for a more accessible video player
1:08
Governor calls it ‘targeted political violence’
Records show Boelter – a father of five – is a former political appointee who served on the same state workforce development board as Mr Hoffman.
However, it’s unclear to what extent they knew each other, if at all.
Mr Hoffman, 60, was first elected in 2012 and runs a consulting firm called Hoffman Strategic Advisors.
Melissa Hortman, a 55-year-old mother of two, was first elected in 2004 and was the top house Democratic leader in the state legislature.
She also served as speaker of the Minnesota House of Representatives.
Mrs Hortman used her position to champion protections around abortion rights, including laws to cement Minnesota’s status as a safe refuge for people from restrictive states, who travel there for an abortion.
Her work also sought to introduce protections for services that provide abortions.
Please use Chrome browser for a more accessible video player
2:58
Neighbours of killed US politician stunned
Friends of Ms Hortman have told Sky News that her two children feared for their mother’s life after reading divisive rhetoric directed at her online.
Matt Norris, another political colleague of Ms Hortman, was also at church, reflecting on the rise of political violence in America.
Image: Matt Norris
“We’ve going to have to do some serious introspection as a state, as a country, and figure out how do we get beyond this,” he said.
“How have we been laying the seeds that have led to horrific acts of violence against public servants like this?
“And it’s going to be incumbent upon us as leaders to set a different tone, to set a different direction for our state and our country so that horrific tragedies like this never occur again.”
Image: Tributes left for Melissa Hortman and her husband outside the Minnesota State Capitol
But there’s no sign of division at the State Capitol Building, where flags fly at half-mast and flowers are being left in tribute.
This is a community united in grief and in its hope for an end to gun violence in America.