The underdogs in the race to buy Rover will meet BMW on Wednesday with hopes fading that their bid can succeed.
Published:
27 April 2000 y., Thursday
The Phoenix consortium has pleaded for more time to be able to finalise its bid, but BMW has insisted that it is close to clinching a deal with the venture capitalists, Alchemy. The man heading the Phoenix bid, former Rover chief executive John Towers, will meet Professor Walter Samann, a BMW board member and head of the Rover group. The talks follow pressure from the UK Trade and Industry Secretary, Stephen Byers, who had discussions with both parties on Tuesday. Mr Byers said: "Whilst recognising that ultimately it will be for BMW to take a commercial decision, we shall continue to do all we can to assist the workforce at Longbridge." Unions are behind the Phoenix bid because it would attempt to preserve mass car-making at Longbridge, saving thousands of jobs which would be shed under Alchemy's plans to aim for a niche market. Representatives of the Transport and General Workers' Union are due to fly to BMW's head office in Munich on Wednesday to press for an extension to Friday's deadline for bids, which would help the Phoenix cause.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
How will economic policies adapt in 2020 when a quarter of the EU population is over 65? Can economics better predict how banks will react to credit crunches in the future, and what their impact will be on the wider economy?
more »
The EBRD is supporting the development of one of the first modern food retail chains in Turkmenistan with a $1.9 million equity investment in Ak Enar.
more »
While on a working visit to Ukraine, President of the Republic of Lithuania Dalia Grybauskaitė has underlined that Ukraine might become a very important energy partner for Lithuania and for the whole European Union but only transparent and open relations will lead to success in this area.
more »
On 25 November in Vilnius, Lithuania’s Vice-Minister of Foreign Affairs and President of the Nordic Investment Bank discussed the issues of the Northern Dimension Partnership on Transport and Logistics (the secretariat of which is being established at the Bank), issues of the NIB cooperation with Lithuania and perspectives of the NIB’s activities in the country.
more »
The European Bank for Reconstruction and Development has adopted a new strategy for the Russian Federation.
more »
Consumer protection requires transparent and consistent trade rules, believe MEPs.
more »
The European Investment Bank (EIB) is lending CZK 2 billion (approx. EUR 76 million) to the South Moravia Region for co-financing the Region’s priority infrastructure projects supported by the EU Structural and Cohesion Funds over the period 2007 – 2013.
more »
Seeking to strengthen business partnership between Israel and Lithuania the Israel and Lithuania Chamber of Commerce has been recently established in Lithuania.
more »
AB DnB NORD Bankas, notifies that on 24 November 2009, the member of the Management Board and Executive Vice-president of AB DnB NORD Bankas dr. Jekaterina Titarenko has been appointed as Chief Financial Officer of Bank DnB NORD Group.
more »
Parliament gave its backing on Tuesday for €400 million-plus in budget aid to Serbia, Bosnia and Herzegovina, Armenia and Georgia.
more »