BMW offers lifeline to Phoenix bid

BMW offered a last-minute lifeline to the Phoenix bid for Rover on Wednesday when it reportedly granted more time for talks. Earlier, Alchemy Partners had been expected to finalise the purchase of Rover, which would spell the end of volume production at Longbridge, by the end of this week. Former Rover chief executive John Towers […]

BMW offered a last-minute lifeline to the Phoenix bid for Rover on Wednesday when it reportedly granted more time for talks. Earlier, Alchemy Partners had been expected to finalise the purchase of Rover, which would spell the end of volume production at Longbridge, by the end of this week. Former Rover chief executive John Towers met BMW officials on Wednesday after industry secretary Stephen Byers intervened. Towers’ Phoenix consortium has been unable to finalise its financial backing because BMW has not revealed enough information for it to conduct due diligence investigations.