Hello all,
I found interesting news about a new bidder for Rover. He says that he wants to
make new Triumphs.........
"ELECTRONIC TELEGRAPH ISSUE 1786 Saturday 15 April 2000
Rival Rover rescue bid launched by former boss
By Sophie Barker and Maurice Weaver
JOHN TOWERS, the former Rover chief executive, ended more than a week of
speculation yesterday when he delivered his bid for the firm to
BMW's headquarters.
Mr Towers's proposals would return Rover's Longbridge plant to mass car
production, with an estimated output of 200,000 cars. It would mean about
2,000 job cuts - half the 4,500 redundancies planned by rival bidder Alchemy
Partners. The new bid hopes to revive former British brands such as Triumph
and Austin-Healey, which would be made next to MG sports cars.
The meeting at BMW's "Four Cylinders" building in Munich between Mr
Towers and Rover chief executive Werner Samann came as Stephen Byers,
the Trade and Industry Secretary, unveiled a £2 million aid package for West
Midlands components suppliers "dependent on Rover".
To help him to take Rover into profit from losing £2 million a day, Mr Towers
has called on several of his old Rover team-mates to work with him on the
bid. They include Nick Stephenson, Rover's former design and engineering
director, and David Bowes, an ex-Rover director who now heads Lola Cars,
the racing car company.
Terry Whitmore, the joint managing director of car body maker Mayflower
and a former Rover executive, is believed to be involved in the Towers bid.
The Towers team is understood to be in talks with a leading car-maker -
possibly Volkswagen - to provide Longbridge with car bases on which
Mayflower-made bodies would be superimposed.
Some industry sources estimate that the plans would cost £2 billion. Mr
Towers is understood to be still scouting about for cash. Jon Moulton,
Alchemy managing partner, appeared unflustered by what he called the "Basil
bid", after John Cleese's character in the TV show Fawlty Towers.
Mr Byers said the aid package was to give suppliers "a breathing space" in
which to seek new business. The money will provide support, advice and
training facilities."
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