Rover's Return

The financial community reacted with skepticism last May when, after six years of losses totalling $1.24 billion, BMW sold the British automaker Rover to four businessmen. Even the new owner's chosen name — the Phoenix Consortium — seemed little more than wishful thinking for a company that hadn't turned a profit since 1994. But now the trimmed-down, reconfigured Rover is about to announce some surprising financial details: losses were cut to $424 million in the last fiscal year, and management expects to halve them this year en route...

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