Daimler Sale Complete

Jaguar Cars are paying some £3,400,000 for Daimler Cars, it is announced today.

All arrangements for the purchase of the company were finally concluded last Saturday. In addition, the value of other Daimler assets excluded from the sale to Jaguar, which will be released for other purposes or sold separately exceed £400,000, the Birmingham Small Arms Company-Daimler's previous owners-announced.

The purchase price includes an estimated amount in respect of the balance of current assets and liabilities, which is subject to final adjustment by the auditors of the respective companies. Jaguars reiterate their previous statement that the production of the current range of Daimler models is to be continued.

Furthermore, research and development work in connexion with future Daimler models will proceed normally. Jaguars deny rumours to the effect that sweeping changes, including even the extinction of the Daimler marque, are to be expected. The company's long term view envisages not merely the retention of the Daimler marque, but the expansion of its markets at home and overseas, it is stated.