February 15, 1999 |
German car maker BMW's cost-cutting drive at its loss-making Rover subsidiary will result in the loss of at least 5,000 jobs in the British automotive parts industry, the Independent newspaper in London reported. The newspaper said the figure was based on an estimate by a leading supplier. A spokesman for Rover said: "We have announced no [new] job cuts." An existing program of 2,500 voluntary cuts is close to being completed.
February 14, 1999 |
General Motors will make an offer to buy Bavarian car company BMW in the next few days, a German newspaper reported Saturday. Rumors about BMW's future have been swirling since its chairman, Bernd Pischetsrieder, was dismissed Feb. 5 amid criticism of his handling of BMW's British subsidiary, Rover. BMW spokesman Joerg Dinner denied the report Saturday in the German newspaper Die Welt.
February 5, 1999 |
General Motors Corp., the world's biggest car maker, denied a Belgian newspaper report that it is interested in an alliance with BMW. La Libre Belgique quoted GM Europe President Michael Burns as saying the German auto maker "would be an ideal partner" for GM. The owner of the BMW and Rolls-Royce brands "operates in a luxury segment in which we are weaker," he said, according to the newspaper. Kenneth Levy, a GM spokesman, said the quote attributed to Burns about BMW is "completely incorrect."
April 30, 1998 |
Britain's Vickers said it signed an agreement to sell Rolls-Royce Motor Cars to BMW for $567 million, but Volkswagen again pledged an even higher bid for the luxury-car maker. Vickers reached a preliminary accord with BMW on a sale price last month, choosing it over rival German auto maker VW and a group of car enthusiasts eager to keep the prestigious brand in British hands. Vickers executives said they would consider a new bid but questioned why VW has not contacted them directly.
April 1, 1998 |
Angered by a report Volkswagen still wants to buy Rolls-Royce, German auto maker BMW on Tuesday warned it would stop delivering parts to the British auto maker if its parent company sells it to anyone other than BMW. Rolls-Royce parent Vickers said Monday it had accepted a $570-million bid from BMW--which already supplies engines for the latest Rolls-Royce models. Vickers shareholders are expected to vote on the deal in May.
October 28, 1997 |
British engineering company Vickers on Monday placed a "For Sale" sign on its Rolls-Royce Motors luxury car maker, and Germany's BMW emerged as the early favorite to buy it. Industry analysts said the unit could bring about $655 million. Rolls-Royce, a byword for British style and quality for almost a century, could become the latest in a long line of illustrious British auto manufacturers bought out by foreign companies.