FORD MOTOR COMPANY TO BUY LAND ROVER FROM BMW, EXPANDING LINEUP OF
PREMIUM
BRANDS
DEARBORN, Mich., March 17, 2000 -- Ford Motor Company announced today
that
it has reached a memorandum of understanding to buy Land Rover from the
BMW
Group. The transaction is subject to BMW and Ford reaching a definitive
agreement, due diligence and regulatory approvals. If successful, the
acquisition is expected to be completed in the second quarter.
The acquisition involves the entire Land Rover line of vehicles -- Range
Rover, Discovery, Freelander and Defender -- including assembly and
engineering facilities. It does not include Rover's passenger car
business
or any assumption of debt by Ford.
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