Latin America: Borgward Hits the Road

Ever since aging German Carmaker Carl Borgward went broke last year (TIME, Feb. 17, 1961), there have been recurrent rumors that his Bremen plants were about to be sold to one or another of Detroit's Big Three. Last week, after six months of quiet negotiation, Borgward was finally sold for $14 million—but not to Detroit. The buyer turned out to be Impulsora Mexicana Automotriz, a consortium recently formed by top Spanish Truckmaker Eduardo Barreiros Rodriguez and a covey of Latin American entrepreneurs, including Bolivian Tin King Antenor Patino and Millionaire Mexico...