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Old news--New news--the Quandts aren't selling (e) (archive)

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Posted by Steve on February 17, 1999 at 15:24:05:

In Reply to: YES!!!!! posted by John on February 17, 1999 at 15:10:34:

: General Motors May Buy BMW

: MUNICH, Germany (AP) - General Motors will make an offer to buy Bavarian car company BMW in
: the next few days, a German newspaper reported Saturday.

: Rumors about BMW's future have been swirling since its chairman, Bernd Pischetsrieder, resigned last Friday amid criticism of his handling of BMW's British subsidiary, Rover.

: BMW spokesman Joerg Dinner denied the report Saturday in Die Welt newspaper.

: ``BMW wants to stay independent,'' Dinner said, adding the main shareholder Quandt family remained ''unbroken'' in its support of the company.

: General Motors spokesman Dan Jankowski said, ``We wouldn't have any comment on the rumor of the
: takeover.''

: General Motors was one of the few companies that could afford BMW's price tag of $7 billion to $9 billion, Die Welt noted.

: The report comes one day after Der Spiegel newsmagazine reported Volkswagen wanted its subsidiary Audi and BMW to take a 24.9 percent stake in each other. VW would take over the ailing Rover plant in Britain as part of the deal.

: BMW denied that report, too, though earlier acknowledged VW has long been interested in acquiring at least a stake in the company.

: BMW has invested more than $3.5 billion in Rover since buying it in 1994. Analysts expect Rover to post
: a pretax loss of about $590 million for 1998.

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