Negotiations between BMW and Alchemy over the sale of British carmaker Rover have collapsed. Alchemy said today the parties failed to reach agreement on a number of contractual points.
The announcement came only a day after BMW had declared it saw “no basis” for negotiations with rival bidders Phoenix. A deal with Alchemy was widely regarded as imminent.
Minutes after Alchemy’s statement BMW’s share price dropped by some 8 per cent to €27.80. A formal statement by the German group is expected later today.