MUNICH (AFX) - Bayerische Motoren Werke AG chief executive Helmut Panke said BMW is in talks with Chinese carmakers who want to acquire the Rover brand name, but that US carmaker Ford Motor Co has the right to acquire it first if it wants to.
Speaking to reporters at the annual results news conference, Panke said: Ford has the right of first refusal.
This means that if BMW reaches a price agreement with any of the Chinese carmakers, BMW will first ask Ford whether it would like to buy the Rover brand name at that price.
If Ford refuses to buy at the price which BMW had negotiated with an interested Chinese party, then BMW would sell it to the Chinese buyer.
Several Chinese carmakers have expressed interest to buy the Rover brand We have been in talks with them, Panke said, adding these included Shanghai Automobile Industry Corp (SAIC) and Nanjing Automobile.
Panke said a decision has not been reached so far.
Chief financial officer Stefan Krause told reporters on the sidelines of the news conference that BMW has not yet reached the stage of asking Ford whether the latter wants to buy the Rover rights at all.
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