geraldc Posted July 23, 2005 at 01:56 AM Report Posted July 23, 2005 at 01:56 AM From the BBC website http://news.bbc.co.uk/1/hi/business/4708739.stm For those who have never heard of Rover cars, they're cars driven by old aged pensioners in the UK... "Rover sold to Nanjing Automobile Chinese carmaker Nanjing Automotive has secured ownership of MG Rover for an unknown sum, after a three-way bidding battle spread over three months. It was one of two Chinese companies trying to buy the assets of MG Rover, the other being Shanghai Automotive. Although Nanjing was the smaller firm it secured a deal with administrators PriceWaterhouseCoopers (PwC) on Friday. "Nanjing will now begin to take control of the assets and develop its plans for the future," said Tony Lomas of PwC. The news is a blow for UK businessman David James, whose Kimber group had put in two bids to buy parts of Rover. Earlier this week Mr James, the company-recovery specialist who helped revive the Millennium Dome, told the BBC the combined value of his bid would be about £40m. Technical facility Joint administrator Mr Lomas said Nanjing intended to relocate the engine plant and some car production plant to China but to "retain some car production plant in the UK". He added that Nanjing, China's oldest carmaker, also planned to develop an R&D and technical facility in the UK." cont'd on the BBC website Quote
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