BMW awaits rival bids for Rover
LONDON Ex-Rover Group Chief Executive John Towers is preparing a bid to acquire Rover from BMW. Towers led Rover from 1994-96 and is now chief executive of Concentric plc, an industrial products manufacturer in the English midlands.
BMW said it is ready to consider counter bids for Rover - but so far the only offer is from venture capital firm Alchemy Partners. BMW is already in talks with Alchemy but the British government's trade and industry secretary Stephen Byers said he would encourage a last-minute rival offer. The government and labor unions want to preserve volume car manufacturing at Rover's Longbridge, England, factory. Under Alchemy's plans, Longbridge would make niche MG roadsters and sport sedans.
Renault-Nissan role for Gyllenhammar
Pehr Gyllenhammar, chairman of British insurance group CGU and ex-chairman of AB Volvo, will be one of 10 members on a new private council set up by Renault and Nissan Chairmen Louis Schweizter and Yoshikazu Hanawa. The international advisory board will provide ideas, views and knowledge in order to guide the Renault-Nissan alliance's global strategy,' said a company statement.
Renault-Samsung talks continue
PARIS - Renault and Samsung Motors creditors have agreed to extend negotiations until April 21 after the two parties failed to agree a deal before the original March 31 deadline. The delay has been caused the disclosure of unexpected debts owed by Samsung Motors to its sister company Samsung Corp. Early last month Renault offered $450 million for Samsung Motors' operating assets.