• Anyone looking at the news in August 1984 would
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have seen City dealers climbing over each other to apply for shares in the privatisation of Jaguar Cars. It was not an edifying sight, and boded ill for the next wave of Government-inspired privatisations. Fear not, said the Government. We have a Golden Share that will restrict the share holding of any one individual or company to 15%. The wolves licked their lips at this, and sat down to wait.
Their wait was rewarded when Secretary of State for Trade and Industry Nicholas Ridley announced that he would waive the Golden Share, "if share holders pass a special resolution . . amending the Chomp! Ford looks as though it has eaten Jaguar lock, stock, and dashboard. Chairman Sir John Egan will recommend the offer to the shareholders, and the waiting looks over.
But who has won anything from this debacle over William Lyon's gracious creation? A few lucky shareholders will cash in, and the financial institutions will do well. Jaguar, we are told by Ford, will benefit from Ford's "financial resources, manufacturing technology, purchasing systems, and research and development facilities. Ford can help Jaguar to expand in all the major world markets".
The cat that melted an old bird's heart — or an excuse to fly the coop? The truck industry has seen much the same thing happen over the past 15 years. Fine names and companies have been lost, and we are lucky to keep the partial diversity that is offered by the likes of ERF, Foden and, for the moment, Seddon Atkinson.
German firms don't fall like this because they have a board of governors to oversee the best long term interests of the company. Porsche has been suffering losses in North America too, but the governors have refused to sell, and will continue to absorb the losses while the company invests to meet the challenge.
Why can't we be more like this? It is all very sad, and a mournful Hawk will not be available for the next few days.
Editor's note: This may be no more than an excuse to skip town. The following was found pinned to the Hawk's desk with a sharpened AWD tyre lever: Following your reference to me in this week's The Hawk' column — yes I do read it — I am writing to tell you that if this happens again, the Management will send the boys round to nail your feet to the floor.
We are a decent, familyowned business, trying to make an honest living, so if you don't want to end up in the foundations of one of that nice Mr Parkinson's new motorways, back off.
Yours sincerely, Ron.