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News of  May 23, 2001

BMW Group and Phoenix Consortium reach final agreement on the transfer balance sheet 

Munich, Germany - The BMW Group has reached agreement with the Phoenix Consortium regarding the final transfer balance sheet for the sale of Rover Cars. 

When the contract was signed last year by the BMW Group and the Phoenix Consortium, the operating activities of Rover Cars were transferred with immediate effect on 9 May 2000. The transfer balance sheet was prepared after this. The subsequent differences of opinion as to the valuation of individual balance sheet items were the object of an arbitration procedure that is now no longer required.

Following this agreement, the "Powertrain" supplier plant in Longbridge, West Midlands, will pass to the Phoenix Consortium at the end of the month. This means that Phoenix Consortium will now be able to produce engines and transmissions for itself and third party customers. 

After the sale of the supplier factory, around 1,300 staff will be taken over by the new owner, who will continue to employ them there. The final agreement reached today also involves a payment of £65 million to the Phoenix Consortium. As reported several times, any risks involved with the separation are covered by the provisions recorded by the BMW Group in the 1999 annual accounts.

(May 19, 2001)

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