Ford Motor Co will exercise its right to buy the Rover brand name from German carmaker BMW.
A spokesman for Ford’s Premier Automotive Group (PAG) said today “We feel it is in interests of our Land Rover business to have the Rover brand.”
“We are acquiring it and we’re not looking to sell it. We believe it is a valuable asset for us,” the spokesman said, declining to give any financial details.
PAG also includes the Jaguar, Volvo and Aston Martin marques (for now).
Ford bought Land Rover from BMW in 2000 and had the rights to buy the Rover brand name, which BMW stated last month it had agreed to sell to an unspecified partner.
[Source: Reuters]