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LONDON (Reuters) - Germany's Quandt family, the largest shareholder in Munich-based automaker BMW AG, plans to sell its stake in the company, Britain's Sunday Times newspaper said.
Citing car industry insiders, the newspaper said the Quandts were negotiating with Ford Motor Co and Volkswagen AG to sell their 48 percent stake for ``at least'' 20 billion pounds ($31.59 billion).
The newspaper also quoted an unnamed BMW executive as saying Ford was in turn negotiating with Volkswagen to divide up the BMW marques between them -- Ford would buy BMW and Volkswagen would snap up luxury carmaker Rolls-Royce.
Last month, BMW ditched its loss making British-based Rover car company and has since been seen as a possible target for a takeover bid in the consolidating global car industry. Ford bought utility vehicle maker Land Rover from BMW at the same time.
The Quandt family and BMW officials have said repeatedly in recent weeks that BMW was not for sale.
Brad Willis
Founder, SoCal Audi TT Club
Contributing Editor, Autobahnforums.Org
P.S. To view my article regarding the very recent delivery of my 2001 225hp quattro TT roadster, follow the link below, then click on the photo the the TT.
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