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SAIC makes formal offer to buy MG Rover
(Agencies)
Updated: 2005-07-20 11:50 Meanwhile David James, a British company recovery specialist, was trying to
raise money to back up his bid.
Barrie Wills, spokesman for his bid -- entitled Project Kimber -- said: "This
is the last chance to save Britain's largest independent car maker from falling
into overseas ownership.
Three people chat
in front of a huge Shanghai Automotive Industry Corp (SAIC) sign in
this undated photo. SAIC has submitted a formal offer for the
assets of the failed British automaker MG Rover.
[newsphoto] | "It is a credible, fully funded bid
with a strong management team that has varied and extensive expertise working in
the motor industry."
He also spoke of a "pragmatic and realistic business plan that will see the
brand develop over the coming years and job development at Longbridge". The
initiative has been mainly centred on the MG-TF sports car.
Century-old MG Rover, which produced the Mini and Jaguar, was forced to axe
6,000 workers in April when it closed the Longbridge plant in Birmingham after a
failed tie-up with SAIC helped push it into bankruptcy.
However, there has been speculation that up to 2,000 jobs could be created
within the next few years at the Birmingham plant if production is revived, but
no official figure has been put forward.
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