German bid for Lancer 'not enough'

JUNGHEINRICH, the German forklift truck maker, said it made an offer for the collapsed Lancer Boss group yesterday but had received strong hints that its bid was not high enough, writes David Bowen.

The Hamburg-based group bought Lancer Boss's Bavarian operation, Steinbock, amid great controversy two weeks ago. The British directors had accused Jungheinrich of acting in collaboration with a group of German banks to force Steinbock, and so the parent company, into receivership - a charge it denies.

Since then the receivers, Grant Thornton, have been looking for bidders for the factories at Leighton Buzzard, Bedfordshire, and say they should have a preferred bidder by the end of this week.

Robert Bischof, chairman of Jungheinrich GB, said he had put a bid in yesterday afternoon, but had received the impression from Grant Thornton that the offer was 'quite far' from its target price. 'I'm only 50-50 that we will get Lancer Boss,' he said, adding that he would be negotiating with the receivers today.

He had approached the Department of Trade and Industry asking for financial help, saying he would give job guarantees. He received a dusty answer because Leighton Buzzard was not an assisted area. 'But I don't think Munich is an assisted area, and Steinbock got help from the Bavarian government immediately,' he added.