Menu
11/07/2005
James drops plans to buy MG Rover
Businessman David James has dropped his plans to buy collapsed car manufacturer MG Rover.
Mr James was part of a consortium that planned to purchase Rover, which went bankrupt earlier this year, and continue to manufacture cars at the Longbridge plant.
The consortium wanted to concentrate on creating an MG car firm, as the MG is seen as the most valuable Rover brand.
However, the plans depended on China’s Shanghai Automotive Industry Corporation purchasing the Rover subsidiary engine manufacturer Powertrain and buying the remaining Rover assets a year later.
Mr James told BBC Radio 4’s ‘Today’ programme that it became clear over the weekend that SAIC were not going to agree with the plans.
Mr James told Today that the consortium would have given SAIC places on the board, as well as 25% of the new MG company as a “gift”. He said: “It would have been a logical progression towards an eventual time when SAIC would have owned everything.”
It has been reported that another firm, Nanjing Automobiles, has expressed interest in MG Rover.
MG Rover went into administration in April, with the loss of 5,500 jobs at the firm’s Longbridge plant.
(KMcA/SP)
Mr James was part of a consortium that planned to purchase Rover, which went bankrupt earlier this year, and continue to manufacture cars at the Longbridge plant.
The consortium wanted to concentrate on creating an MG car firm, as the MG is seen as the most valuable Rover brand.
However, the plans depended on China’s Shanghai Automotive Industry Corporation purchasing the Rover subsidiary engine manufacturer Powertrain and buying the remaining Rover assets a year later.
Mr James told BBC Radio 4’s ‘Today’ programme that it became clear over the weekend that SAIC were not going to agree with the plans.
Mr James told Today that the consortium would have given SAIC places on the board, as well as 25% of the new MG company as a “gift”. He said: “It would have been a logical progression towards an eventual time when SAIC would have owned everything.”
It has been reported that another firm, Nanjing Automobiles, has expressed interest in MG Rover.
MG Rover went into administration in April, with the loss of 5,500 jobs at the firm’s Longbridge plant.
(KMcA/SP)
Related UK National News Stories
Click here for the latest headlines.
23 August 2007
Fourth Arrest Over Biker Murder
A fourth man has been arrested in connection with the murder of biker Gerard Tobin. Mr Tobin, 35, of south London was shot dead as he travelled home on the M40 from the Bulldog Bash bikers' festival at Long Marston near Stratford, Warwickshire on August 12.
Fourth Arrest Over Biker Murder
A fourth man has been arrested in connection with the murder of biker Gerard Tobin. Mr Tobin, 35, of south London was shot dead as he travelled home on the M40 from the Bulldog Bash bikers' festival at Long Marston near Stratford, Warwickshire on August 12.
19 July 2005
James set to make bid for Rover
A consortium led by businessman David James has expressed an intent to bid for MG Rover within the next 48 hours.
James set to make bid for Rover
A consortium led by businessman David James has expressed an intent to bid for MG Rover within the next 48 hours.
25 February 2005
Concern over jobs cuts at MG Rover
There is continuing speculation that up to 2000 jobs may be under threat at UK car manufacturer MG Rover as the company seeks to clinch an investment deal with a Chinese automotive group.
Concern over jobs cuts at MG Rover
There is continuing speculation that up to 2000 jobs may be under threat at UK car manufacturer MG Rover as the company seeks to clinch an investment deal with a Chinese automotive group.
12 April 2005
Directors offer £49 million to aid MG Rover
The owners of the beleaguered MG Rover group have pledged £49 million in assets in a bid to help save the company.
Directors offer £49 million to aid MG Rover
The owners of the beleaguered MG Rover group have pledged £49 million in assets in a bid to help save the company.
04 October 2012
Missing Girl Hunt Resumes
Dyfed-Powys Police are continuing their search for five-year-old missing April Jones. Police have been given a further 12 hours to question Mark Bridger, 46, who lives locally on suspicion of her abduction. Yesterday they released a picture of his blue Land Rover Discovery.
Missing Girl Hunt Resumes
Dyfed-Powys Police are continuing their search for five-year-old missing April Jones. Police have been given a further 12 hours to question Mark Bridger, 46, who lives locally on suspicion of her abduction. Yesterday they released a picture of his blue Land Rover Discovery.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
