Ford buys Land Rover line

Friday, March 17, 2000 | 11:14 a.m.

THE ASSOCIATED PRESS

FRANKFURT, Germany -- German automaker BMW said today that a fundamental shift in currency values was critical to its decision to split from British-based Rover -- both dumping the money-losing car division and selling to Ford the profitable Land Rover off-road vehicle line.

Speaking at a news conference in Munich, BMW chairman Joachim Milberg confirmed that the company would sell Land Rover to Ford Motor Co. in a $2.91 billion deal, the details of which are still to be worked out. BMW will instead concentrate on its own X5 four-wheel drive.

"Selling Land Rover was not an easy (decision) but changes in market conditions induced it," Milberg said. "Now we can concentrate on the BMW brand."

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