The underdogs in the race to buy Rover will meet BMW on Wednesday with hopes fading that their bid can succeed. The Phoenix consortium has pleaded for more time to be able to finalise its bid, but BMW has insisted that it is close to clinching a deal with the venture capitalists, Alchemy. The man heading the Phoenix bid, former Rover chief executive John Towers, will meet Professor Walter Saemann, a BMW board member and head of the Rover group.