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Closure on Rover deal imminent

BMW said on Tuesday a final agreement with Alchemy Partners on the proposed sale of Rover could come as early as the of the week.

The talks with Alchemy, a British private equity firm, due to end this month, were described as advanced.

As Reuters reported, the rival bid made by Phoenix, the consortium headed by former Rover chief John Towers and the “Phoenix” investor group, is thought to be failing to match Alchemy's terms.

BMW said aspects of the Phoenix proposal still needed clarification.

If Phoenix wanted a revised bid to be considered, it would have to submit the relevant documents before the negotiations with Alchemy reach completion, the carmaker said.