In 1986, Graham Day took the helm as chairman and CEO and the third joint Rover-Honda vehicle – the Rover 800-series – was launched which replaced the ten-year-old Rover SD1. Around the same time, BL changed its name to Rover Group and in 1987 the "Trucks Division – Leyland Vehicles" merged with the Dutch DAF company to form DAF NV, trading as Leyland DAF in the UK and as "DAF" in the Netherlands. In 1987, the bus business was spun off into a new company called Leyland Bus. This was the result of a management buyout who decided to sell the company to the Bus & Truck division of Volvo in 1988. That same year, the UK Government controversially tried to privatise and sell-off Land Rover, however this plan was later abandoned. The Austin name was dropped from the Metro, Maestro and Montego in 1987, signalling the end for the historic Austin marque, in a push to focus on the more prestigious (and potentially more profitable) Rover badge. In 1988, the business was sold by the UK Government to British Aerospace (BAe), and shortly afterwards shortened its name to just Rover Group. It subsequently sold the business to BMW, which, after years of investment that ultimately resulted in huge losses, decided to break up the Rover Group, and only retain the Cowley operations and the rights to manufacture the new MINI family of vehicles.