Local Group Reassumes Control over BMW Philippines
September 19, 2008 by Tsikot · Leave a Comment
The BMW Group of Germany has decided to return control of its automobile business in the Philippines to its minority partner Asian Carmakers Corp. (ACC). The turnover will take effect Jan. 1, 2009.
In line with this BMW Philippines, owned 70 percent by the BMW Group and 30 percent by ACC, will be dissolved by December.
In an exclusive interview with The STAR, ACC chairman Jose Ch. “Pepito” Alvarez said the BMW automobile business in the country will remain intact, but would now revert back to the control of ACC which had previously controlled the franchise. Read more
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