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dogsquaw
12-01-2006, 01:25 AM
AFX News Limited
China's Nanjing Auto in final talks on MG Rover's future - report
01.10.2006, 06:41 PM

BEIJING (AFX) - A decision over the future of MG Rover will be made by potential investors next week following talks which are now finishing up between the failed carmaker's Chinese owner and its British partner, the Financial Times reported, citing people close to the negotiations.

The deal between Nanjing Automobile, which paid 53 mln stg for Rover's assets, and GB Sports, would see production of MG cars restarted at the company's Birmingham factory.

But it remains unclear whether financial backers of GB Sports, which is led by former Rover managers, will support the deal, the newspaper said.

'Everything in principle is agreed,' the newspaper quoted a person familiar with the talks as saying.

'It is now up to the investors to actually put their cheques on the table.'

Fraser Welford-Winton, the head of GB Sports and former head of Rover's engine division, has been meeting UK investors this week and will meet US financial backers early next week, the newspaper said.

If the money is provided, it would allow GB Sports and Nanjing to announce a deal in the middle of the week, the newspaper added.



will.davies@xinhuafinance.com

GT
12-01-2006, 10:49 AM
Lets hope that GBSC can get some money on the table to resume MG production at Longbridge.

And then lets hope that the Chinese government slap SAIC and NAC's wrists and tell them both not to do anything in China, leaving them with some assets they cant do anything with, forcing them to sell everything to GBSC for £10 and returning MG-Rover to British hands once again! :D

...maybe its just wishful thinking ;)