Company of the week
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Vickers shares were the focus of attention as the drawn-out sale of luxury car manufacturer Rolls-Royce Motor Cars moved to its climax. On Friday Volkswagen was poised to win the race after German rival BMW said it wouldn't top VW's pounds 430m bid for the prestigious British company.
Volkswagen shares dropped 1 per cent on concern that it was paying too high a price. Shares of Vickers, the UK defence company that put Rolls up for sale last October, rose 4 per cent to 245p.
"I'm amazed that they're selling to Volkswagen as Rolls-Royce fits better with BMW," said Michael Trauth, a fund manager in Stuttgart. "The price is very expensive for VW and the question remains who will supply Rolls- Royce with engines now."
The offer comes only nine days after Vickers agreed to sell Rolls-Royce to BMW for pounds 340m.
Vickers said on Thursday that it would now recommend its shareholders accept VW's higher bid at a shareholders' meeting on 4 June.
BMW shares rose 1.34 per cent on relief that the Bavaria-based company would not enter into a costly bidding war with VW over Rolls-Royce. "We are not going to raise our offer and will leave it up to the shareholders to decide," said BMW spokesman Richard Gaul. "There are still open questions on the VW offer like where are the engines going to come from, and the question over ownership of the brand name."
Mr Gaul said BMW would stop supplying its V12 and V8 engines to Rolls- Royce, as well as other parts such as air conditioning and transmissions that account for about 30 per cent of the new Rolls Silver Seraph and Bentley Arnage, if it lost the bid. BMW is under contract with Vickers to supply engines for a further 12 months before ceasing deliveries.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments