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
EBRD to pay 4.6 billion roubles for 11.75 percent stake.
more »
On 24 November in London a letter of intent will be signed between Alytus Municipality and the Spanish aluminium company “Sopena group” regarding investments of the “Sopena group” in Alytus.
more »
Tourism opportunities in Dzūkija Region of Lithuania and other issues of incoming tourism promotion were the main topics of the meeting of the Mixed Intergovernmental Commission on Trade and Economic Cooperation between the People’s Republic of China and the Republic of Lithuania.
more »
On 22-23 November in Kiyv, foreign ministers of Lithuania, Ukraine and Belarus discuss trilateral cooperation and participation of Belarus and Ukraine in the Eastern Partnership of the European Union.
more »
The Kozloduy International Decommissioning Support Fund is supporting an innovative programme to boost energy savings and efficiency of public buildings in Bulgaria with a €5 million grant.
more »
Bank DnB NORD’s Economic Research Group predicts that out of the six Baltic Rim countries, moderate economic growth will be seen in Poland, Finland and, possibly Estonia in 2010, while Denmark, Lithuania and Latvia will need more time to climb out of recession.
more »
In a meeting in Brussels of the European Bank Coordination Initiative held on 19 November 2009, the parent banks of the six largest foreign banks active in Hungary reaffirmed their commitments made in May 2009 to support their subsidiaries.
more »
On 17 November 2009, the Board of AB Bank SNORAS decided to establish the bank’s representative office in London.
more »
The European Commission has approved, under EC Treaty state aid rules, two capital injections in favour of 'The Mortgage and Land Bank of Latvia' (LHZB).
more »
The government of G hana will tomorrow sign an historic agreement with the EU aimed at ensuring that only legally harvested timber from the West African country is exported to the EU market.
more »