Retiring BMW chief executive Joachim Milberg yesterday described his group's disposal of Britain's Rover in 2000 as one of the highlights of his three years in the top job at the luxury car maker, based in Munich
"The separation with Rover without losing jobs and without damaging BMW's image, especially in Great Britain" was one of three key achievements, he said.
Others have at times expressed different views of the divorce which saw Land Rover sold to Ford and the remainder of the British car maker to a consortium led by former Rover executive Jon Towers.
At the height of the crisis, for example, when BMW was still talking to the original Rover suitor, venture capital group Alchemy, the House of Commons trade and industry select committee criticised the German group for "incompetence and excessive secrecy" over its handling of the Rover disposal.
Though it sold Longbridge to the consortium, BMW retained Rover's Oxford plant which now produces the new Mini - a model which has become a key part of the group's ambitions to boost car sales from last year's total of just over 900,000 to 1m this year.
In 2001 BMW sold 25,000 Minis but is hoping to reach 100,000 this year.
Yesterday the group dismissed suggestions that the UK-made car did not fit in with its overall strategy of producing premium brands. "Premium does not point to size. The Mini is clearly positioned as a premium car," said a spokesman. If BMW can hit its sales target for the Mini then "we have a good chance of that 1m [group] total".
BMW's emphasis on up-market models is paying off, according to figures released yesterday. Last year BMW profits soared by almost 60% to €3.2bn (£2bn) on sales of €38.5bn.
Despite hard times in the car market BMW is aiming to do even better this year. Chief financial officer Helmut Panke, below left, who will take over from Mr Milberg in May, said yesterday that the group was confident "we will be able to report improvements in sales volumes, revenue and earnings for the year 2002".
Analysts acknowledged that BMW could well hit new highs this year. "I think it is completely realistic for BMW to expect higher profits this year," WestLB Panmure analyst Arndt Ellinghorst said.
BMW ruled itself out of the bidding for a controlling stake in the rights to formula one. The Kirch media group, which owns the stake, is heavily in debt and seen as keen to sell assets, while car makers with an interest in formula one racing, including BMW, have been tipped as possible buyers. However, BMW board member Burkhard Göschel said: "Car makers don't have any interest in buying a stake."
