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Article: Source: China's largest automaker to buy MG Rover.(News)(Brief Article)
- Article from:
- Automotive News
- Article date:
- August 23, 2004
- Author:
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bradford Wernle, Alysha Webb
Shanghai Automotive Industry Corp., China's largest passenger carmaker, plans to buy MG Rover, say sources in England and China.
SAIC will boost its ambitions to become the world's sixth-largest automaker by taking an initial equity stake in MG Rover. The size of that stake is still under discussion.
MG Rover denied that SAIC will take over the company.
But sources in China and at MG Rover in Longbridge, England, say SAIC would like to own MG Rover outright and will take control of the British automaker in the long term.
"SAIC will buy MG Rover,'' said a source in China who is involved in ...