BMW reveals bid backing from Rolls owners
Tuesday 11 November 1997
Bernd Pischetsrieder, chairman of the German car maker, said it would make sense to bring Rolls and Bentley into its stable alongside Rover. He said that if BMW did succeed in taking control of Rolls the cars would continue to be built in Britain and the marque would retain its separate identity.
BMW, he added, had been approached by a number of Rolls owners asking to be associated with any bid it might make. Mr Pischetsrieder ruled out bidding for Rolls' parent company, Vickers, other interests of which include Challenger tanks, the Cosworth engineering business and propulsion systems.
He also refuted reports that it was supporting Mayflower, the automotive engineering group which is expected to launch a pounds 1bn bid for Vickers in the next few days. "We have nothing to do with their bid. I have not had any discussions with them at all," he said at the CBI conference in Birmingham. "I have no interest in Vickers as a company. We are partners in terms of contracts."
BMW has close links with Rolls since it is supplying the new 12-cylinder engine that will power its next generation of luxury cars. But Mr Pischetsrieder said he was not interested in the Formula One engine manufacturer, Cosworth. Its engine had broken down in 28 out of 32 Grand Prix and in any case BMW was developing its own Formula One engine.
Apart from BMW and Mayflower at least four other car makers are thought to be contemplating bids for Rolls, which some analysts believe could fetch up to pounds 600m. These are Daimler Benz, which has retained the US bank J P Morgan to provide advice, Ford and Chrysler of the US and Fiat of Italy, which owns Ferarri.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
Beatles rush out 'bootleg' album to defy EU copyright law
healthJames Bond's alcohol consumption puts him at 'high risk' of cirrhosis, tremors... and impotence
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
peopleWhat advice would David Cameron give to his younger self?
French café starts charging extra to rude customers
Mystery of Epping Forest 'big cat' is solved
North Korea executes Kim Jong Un's powerful uncle Jang Song Thaek for 'attempting to overthrow the state'
Australia incest case: Deformed children found in remote farming community after generations of inbreeding
Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- 1 French café starts charging extra to rude customers
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Australia incest case: Deformed children found in remote farming community after generations of inbreeding
- 4 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- 5 Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- < Previous
- Next >
iJobs Money & Business
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Pre-Sales / Cl...
£40000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...