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This is an archive article published on March 29, 1998
BMW may win race to bag Rolls-Royce
FRANKFURT, March 28: German carmaker BMW AG is the preferred buyer for luxury British carmaker Rolls-Royce Motor Cars, ahead of is rival Vol...
FRANKFURT, March 28: German carmaker BMW AG is the preferred buyer for luxury British carmaker Rolls-Royce Motor Cars, ahead of is rival Volkswagen AG, the news magazine Focus said on Saturday.
However, a spokesman for BMW in Munich said that it had received no indication that the decision by Rolls-Royce’s current owners, Vickers Plc, would fall its way. "We have done all that we can to begin the decision-making process. The rest is up to Vickers," he said, adding that he did not know when the decision would be announced.
Volkswagen declined to comment on the Focus report, which was released in advance of publication on Monday. The report cited Vickers sources saying that the Volkswagen bid was not viewed as financially viable by Rolls-Royce.The report said that the other candidates, Doughty Hansonand Kevin Morley, were viewed within the company as having no chance as potential buyers, thereby clearing the way for BMW.
The final decision would be made in two weeks time at the latest, Focus said. BMWhas long said it wants the luxury car business, but not at any price. It has said the purchase would have to be economically viable.
Volkswagen made an offer for Rolls-Royce on Tuesday but declined to put a value on its offer. "I can say it is in line with what the selling party has offered," Volkswagen Chairman Ferdinand Piech said at the group’s 1997 annual news conference. The two carmakers have been vying for Rolls-Royce since Vickers first put it up for sale last October.
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