Tuesday, March 31, 2009

BMW shares jump on talks of Damiler cooperation

According to a report by Frankfurter Allgemeine Zeitung, BMW shares jumped up 2 percent today on possible cooperation talks between the Munich based automaker and Daimler AG’s Mercedes-Benz.

“According to our calculations, a cooperation in purchasing, r&d and financial services could generate annual cost savings of up to 3 billion euros or 1.10 euros per Daimler share and 1.60 euros per BMW share,” Commerzbank analyst Daniel Schwarz said in a note to obtained by the publication.

“We believe that BMW is the more efficient company with regard to purchasing compared to Mercedes,” Schwarz said, saying that Daimler will end up gaining more from the cooperation.

Frankfurter Allgemeine Zeitung said that both automakers are stepping up previous efforts to share cost due to the current economic downturn, reports Automotive News Europe.

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