Bid for Rover Proceeding
14 March 1988
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.
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