BMW bids to buy Britain's Rolls-Royce

March 28, 1998|By BLOOMBERG NEWS

MUNICH -- BMW AG said it had made a bid for Rolls-Royce Motor Cars Ltd., vying with German rival Volkswagen AG for one of the world's most prestigious automobile brand names in a sale estimated at as much as $675 million.

Spokesman Uwe Mahla would not say how much BMW bid for Rolls-Royce, owned by Vickers PLC, a United Kingdom defense company. BMW is considered a favorite to buy the British automaker because it makes the 5.4-liter V-12 engines for Rolls' new Silver Seraph.

Rolls is one of the last British-owned automakers. Ford Motor Co. bought Aston Martin and Jaguar PLC; BMW bought Rover Group PLC; and Malaysia's Proton Bhd owns Lotus. Rolls' sale would leave only specialty car makers such as sports-car maker TVR Engineering Ltd. in British hands.

Pub Date: 3/28/98

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