Archive : Bid for Rover Proceeding

Carole Nash Classic Insurance Specialists

Reuters

Price appears to be the only thing standing in the way of British Aerospace P.L.C.’s surprise bid to take over Britain’s state-owned car manufacturer, Rover.

After meetings on Friday in Tokyo, Roland Smith, chairman of British Aerospace, said he was confident the deal would go through on schedule. He spoke after meeting with Graham Day, the chairman of Rover Group P.L.C., and Tadashi Kume, the president of the Honda Motor Company.

Lord Young, Britain’s Trade and Industry Secretary, has set an April 30 deadline for reaching agreement with British Aerospace.

Lord Young, who also met Mr. Kume, said Honda, which has an established relationship with Rover to develop cars, had been reassured that a takeover by Aerospace would not harm Honda’s ties with Rover.

”The only thing worrying them would be if a competitor took over,” he said after the meeting.

Analysts estimate British Aerospace could pay £200 million to £300 million, about $360 million to $540 million, for Rover.

Keith Adams

Keith Adams

Editor and creator AROnline at AROnline
Created www.austin-rover.co.uk in 2001 and built it up to become the world's foremost reference source for all things BMC, Leyland and Rover Group, before renaming it AROnline in 2007.

Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...

Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.
Keith Adams

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