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.
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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.
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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.
US Defence Secretary Pete Hegseth has been linked to a second group chat about sensitive military operations, which he reportedly shared with his wife, brother and personal lawyer.
The messages sent via the Signal messaging app are again understood to have contained details of an attack on Yemen’s Iran-aligned Houthis in March.
The second chat group, initially reported by The New York Times, included about a dozen people. It revealed details of the schedule of the airstrikes, according to the Reuters news agency.
Two sources with knowledge of the matter told Sky News’ US partner network NBC News there were 13 people in the second chat group, and Mr Hegseth divulged the information despite an aide warning him about using an unsecure communications system.
Mr Hegseth’s wife, Jennifer, a former Fox News producer, has attended sensitive meetings with foreign military counterparts, while his brother was hired at the Pentagon as a Department of Homeland Security liaison and senior adviser.
Responding to the latest chat group, White House deputy press secretary Anna Kelly said: “No matter how many times the legacy media tries to resurrect the same non-story, they can’t change the fact that no classified information was shared.
“Recently-fired ‘leakers’ are continuing to misrepresent the truth to soothe their shattered egos and undermine the President’s agenda, but the administration will continue to hold them accountable.”
The “leakers” referred to in the White House statement are four senior officials who were ousted from the Pentagon last week as part of an internal leak investigation.
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4:11
Leaked war plans: ‘Fairly serious’
‘Hegseth put lives at risk’
The New York Times reported that the second chat – named “Defence | Team Huddle” – was created on Mr Hegseth’s private phone.
It detailed the same warplane launch times as the first chat.
Several former and current officials have said sharing those operational details before a strike would have certainly been classified, and their release could have put pilots in danger.
The row over the deportation of Kilmar Abrego Garcia, who was deported to El Salvador from the US in error in March, continues to rock Washington DC.
US correspondent Martha Kelner speaks to Ron Vitiello, Donald Trump’s former acting director of the Immigration and Customs Enforcement agency, about the case and if the president’s border policies are working as he planned.
If you’ve got a question you’d like the Trump100 team to answer, you can email it to trump100@sky.uk.
Don’t forget, you can also watch all episodes on our YouTube channel.
NB. This interview was recorded before Kilmar Abrego Garcia was moved from the CECOT prison – where terror suspects are held in severe conditions – to another detention centre in El Salvador.
DHL Express is suspending some shipments to the US as Donald Trump’s new tariff regime takes effect.
From 21 April, shipments worth more than $800 (£603) to US consumers from “any origin” will be temporarily suspended.
New rules that came into effect at the start of April made such shipments subject to increased customs checks.
“This change has caused a surge in formal customs clearances, which we are handling around the clock,” said the parcel delivery service.
Shipments going from business to business worth more than $800 aren’t affected by the suspension, but DHL warned they may also face delays.
Shipments under $800 to either businesses or consumers are not impacted, but one British cycle manufacturer suggested its US customers may need to split orders over $800 into “smaller shipments” to avoid the red tape.
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1:07
Trump: Tariffs are making US ‘rich’
Trump targeting ‘deceptive’ practices
From May, shipments from China and Hong Kong that are worth less than $800 “will be subject to all applicable duties”, according to the White House.
“President Trump is targeting deceptive shipping practices by Chinese-based shippers, many of whom hide illicit substances, including synthetic opioids, in low-value packages,” it said in a statement.
Until now, deliveries worth less than $800 didn’t incur any duties, which allowed low-cost companies Chinese like Shein and Temu to make inroads in the US.
Both have warned their prices will now rise because of the rule changes, starting on 25 April.