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Ford says to buy Rover brand name from BMW
2006-09-18
Ford Motor Co (NYSE:F) will exercise its right to buy the Rover brand name from German premium carmaker BMW (BMWG.DE), a spokesman for Ford's Premier Automotive Group (PAG) said on Monday. "We feel it is in interests of our Land Rover business to have the Rover brand," the spokesman said, adding Ford had informed BMW about its decision on Monday. "We are acquiring it and we're not looking to sell it. We believe it is a valuable asset for us," the spokesman said, declining to give any financial details. BMW had no immediate comment. PAG also includes the Jaguar, Volvo and Aston Martin marques. Ford bought Land Rover from BMW in 2000 and had the rights to buy the Rover brand name, which BMW said last month it had agreed to sell to an unspecified partner. Chinese media reports have said top Chinese carmaker SAIC had agreed to buy the brand name. SAIC has the design rights to two Rover models which it bought from failed British carmaker MG Rover before MG Rover collapsed last year. SAIC is making its own cars based on the Rover platform, hoping the sell them one day to developed markets including Europe.
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