The break-up of UK car maker Rover is complete.
The final move was the sale of Land Rover to US car giant Ford for 3bn euros (£1.85bn), finally agreed after two months of painstaking negotiations with Rover’s former owner BMW.
The German car maker first said it would sell its four-wheel drive unit to Ford when it announced the break-up of Rover in March.
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Ford will get the rights to the Land Rover brand name, the Land Rover factory in Solihull, the research development centre in Gaydon, the Land Rover dealer network and the British Motor Industry Heritage Centre.
The deal affects about 13,000 employees. Land Rover produces four models, the Range Rover, Discovery, Freelander and Defender.
BMW said Ford would assume all the rights and responsibilities for the Land Rover business, but the German firm will take on the burden of unspecified long-term debts of the Land Rover division.
Ford is likely to keep the Land Rover brand as part of its stable of premium car brands which include Volvo, Jaguar and Aston Martin. The US company has promised to continue the development of the successors to the Range Rover models, while BMW will supply parts for the vehicle.
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By GlobalDataThe deal will come into effect on 30 June. Ford will pay 2bn euros in cash up front and a final 1bn euros in 2005.
