ROLLS-ROYCE CARS Bid to preserve identity

Press, Volume CXI, Issue 32539, 24 February 1971, Page 15

ROLLS-ROYCE CARS Bid to preserve identity

(N.Z P.A.-Reuter —Copyright) LONDON, February 23. Mr Kjell Qvale, the Norwegian-born American president of Jensen Cars, has said that he is assured of organising a group to take over the car-manufacturing division of Rolls-Royce if the price is right.

Mr Qvale, one of whose companies is America’s largest importer of RollsRoyce cars, made his statement after he had had a day of discussions in London with bankers and industrialists to

interest them in a plan for forming a new company to maintain Rolls-Royce cars as a British concern.

His spokesman said that the response he had received was very encouraging, and that if the terms for taking over the present company were economically viable, he was already assured of raising the necessary capital. When the Rolls-Royce empire collapsed recently, the British Government obtained powers to nationalise those parts of the company dealing in aero-engines and defence equipment. The whole company is now in the hands of a receiver appointed on behalf of shareholders, and at some stage he is expected to invite offers to buy the car division, which is profit-making. Mr Qvale flew to London from San Francisco with a four-point plan to rebuild Rolls-Royce’s car division, his plan being based on four criteria: — The new company must have a stable financial future. Rolls-Royce can maintain its international prestige only by remaining an independent company The majority of the shareholders must be British. There must be a responsible board of British directors. When Mr Qvale returned to his London office after his discussions, his spokesman said that he had found there was no shortage of people interested in joining a group to take over Rolls-Royce cars, and there was no shortage of money for such a project. Mr Qvale also saw the receiver.