Ford to buy Rover brand name from BMW
Mon Sep 18, 2006 2:12 PM BST
FRANKFURT - Ford will exercise its right to buy the Rover brand name from BMW, 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.
© Reuters 2006. All Rights Reserved.
Does any one think Ford plan to build a Rover car? Maybe a small 4x4 to sit under Land Rover. Or they've just aquired the brand to protect Land Rover or make it more saleable in the future. Maybe they plan on leasing the name???