Tuesday July 26, 2005

Rover sold to Nanjing Automobile

peakoil.com -> news.bbc.co.uk :

Chinese carmaker Nanjing Automotive has secured ownership of MG Rover for an unknown sum, after a three-way bidding battle spread over three months ... the news is a blow for UK businessman David James, whose Kimber group had put in two bids to buy parts of Rover.

However, Nanjing's successful bid could start a prolonged legal battle. SAIC bought the intellectual property rights to sell the Rover 25 and 75 models in China during a previous attempt to take over the carmaker. Nanjing had previously rejected any claims that SAIC's ownership of the rights to the Rover 25 and 75 engines would affect its plans.

And Honda - which owned the rights to some of MG Rover's technology - has repossessed equipment and blueprints, making it more difficult for any buyer to restart production of the Rover 45 - based on the Honda Civic - or MG ZS models.

(2005-07-26 12:42:10 SGT) [Biz] Permalink

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