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BMW – Alchemy talks collapsed

Alchemy has ended talks with BMW to buy Rover.

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.