Lithia Eyes Ferrari Dealer Jardine Motors For £300M: Report

Lithia Motors Inc LAD is reportedly in advanced talks to acquire U.K.-based counterpart Jardine Motors for £300 million.
If completed, Jardine Motors will be sold by its parent Jardine Matheson Holdings, a Hong Kong-based conglomerate, reported Sky News.
The acquisition will expand Lithia's foothold in the U.K., including access to Ferrari NV RACE and Maserati.
Jardine Motors has about 2,700 employees at 50 sites across the U.K. It represents 14 renowned car brands.
"Discussions around a potential transaction are ongoing and a further update will be issued in due course," the report cited Lithia spokesperson.
Price Action: LAD shares closed higher by 4.57% at $240.42 on Friday.