BMW, Alchemy: Full statements

After talks with Alchemy Partners over the sale of Rover break down, BMW warns it may have to close Rover Cars. This is the text of the brief statements issued by both companies.

BMW

BMW and Alchemy have terminated their negotiations. No agreement was reached on the sale of Rover Car Operations to Alchemy. The negotiating partners were finally unable to come to an understanding with respect to certain conditions of contract.

BMW Group will now pursue alternative routes to bring to an end its involvement in Rover Car Operations. Those routes include the sale of Rover Car operations or its closure. A decision which of those alternatives will be implemented will be taken during the course of next month.

This situation does not affect the preparations for the transfer of the Land Rover brand to Ford, which are conducted with high priority and in a straight forward manner. They will be concluded according to plan by the middle of this year.

ALCHEMY

Alchemy Partners and BMW have ceased negotiations as they were unable to agree upon certain contractual matters, some of which arose yesterday.

Alchemy Partners thanks BMW for its constructive and cordial negotiations and wishes Rover and its employees well for the future.