BMW To Sell Rover Unit
Mar. 16, 2000
MUNICH, Germany (AP) _ German automaker BMW will sell its British-based Rover unit, a spokesman for the majority shareholding Quandt family said today.
Thomas Gauly, who represents BMW's Quandt family, told The Associated Press that the Munich-based automaker's future will be more secure once it is separated from the Rover and MG brands.
Those operations will be run by Alchemy Partners, a British investment group, Gauly said as BMW's supervisory board held a closed meeting to discuss Rover's future.
A British government spokesman had said earlier that a British investment group was willing to buy the troubled venture.
Gauly said that Alchemy made an offer, the details of which will be the subject of future negotiations. The supervisory board welcomed the move, achieved by BMW chairman Joachim Milberg.
The Quandt family reaffirmed its commitment to keeping BMW an independent automaker.
The board is also working with the two new board members brought in after the shakeup this week over the Rover plans.