Shanghai Automotive Industry Corporation (SAIC) is on the verge of linking with Martin Leach in an attempt to buy MG Rover, reports the Financial Times.
Agreement with Leach’s Magma vehicle would put SAIC head to head with Nanjing Automobile to buy the remains of the Longbridge-based car manufacturer.
The Times says SAIC would turn Longbridge into a global centre for research, development and engineering. Nanjing has also said it wants to restart car making at Longbridge.
PricewaterhouseCoopers could make a decision as early as today on who to sell to.
A deal with SAIC and Magma would see production revived at Longbridge.
David James will try to revive his “Project Kimber” bid for Rover this morning when he meets again with government officials about providing an £80m loan guarantee.
References: Financial Times 14/07/05 page 21, The Times 14/07/05 page 1, page 44, page 46 (Need to know)
