NEWLY-formed Polar Motor Investments - a joint venture between Ford and Jardine Motors - is to buy Dagenham Motors for £28.3 million following agreement between the two companies. Dagenham Motors' shareholders were recommended to accept the 160p a share offer.

Recommendation that the offer be accepted for Dagenham Motors, which is the UK's largest dedicated Ford dealership group comprising 16 Ford car and van dealerships and three Iveco Ford commercial vehicle dealerships, comes after the two sides reached agreement late last year. Polar Motor Investments is a wholly-owned subsidiary of the Polar Motor Group, which is 51% owned by Jardine Motors, the UK subsidiary of Jardine International Motor Holdings, and 49% owned by Ford. Polar comprises 11 Ford dealerships and four Iveco Ford dealerships.

Polar chairman Ian Ritchie said: 'With the addition of Dagenham Motors, I believe that Polar will be of a size and have the geographical spread to best achieve its objective of building a model for Ford dealerships in the UK. Polar is committed to achieving industry-leading levels of customer satisfaction and loyalty while continuing to improve the efficiency of operations.'