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BMW Eyes Bid for De Tomaso
BMW AG is among the prospective buyers of Italy's De Tomaso supercar brand holding talks with bankruptcy court officials, according to the UILM union.
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BMW AG is among the prospective buyers of Italy's De Tomaso supercar brand holding talks with bankruptcy court officials, according to the UILM union.
Labor leaders say the negotiations were confirmed by the Italian Industry Ministry, which aims to begin the sale process by mid-October. UILM says some of De Tomaso's Italian investors also are interested in acquiring the marque.
BMW said in May it was not interested in acquiring De Tomaso. Analysts speculate the carmaker is seeking a performance brand to compete with Volkswagen AG's Lamborghini make.
Previous owner Gian Mario Rossignolo, a former Fiat SpA marketing executive, bought De Tomaso out of bankruptcy in 2009. He aimed to revive the brand with three models to be built at a rented Pininfarina plant near Turin.
But no vehicles were ever produced, and the company filed for bankruptcy in July, leaving 1,000 workers unpaid and unemployed. A week later, prosecutors arrested Rossignolo in connection with a fraud probe.
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