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China Unlikely to Agree MG Rover Rescue

"LONDON (Reuters) - China's biggest carmaker said it was highly unlikely to agree a rescue deal for MG Rover, as administrators battled on Monday to find a buyer for the UK firm which is losing up to 25 million pounds ($47 million) a month. "

This is the key issue. Unless there is a stable business (which has to be profitable) in the UK for the Chinese to have as a partner they won't want to deal.

Comments

PoliticalHackUK said…
Doesn't this give the lie to your assertion that the DTI closed the books on Rover? Rover hasn't been a stable and profitable business in five years, so any hope of a life-saving deal with China (or the other potential suitors that have been around over the years) would have foundered regardless of the DTI's actions. The company seems to have run out of money.
9:52 pm
John Hemming said…
The DTI pushed Rover into administration. That is without question.

Without the bridging loan Rover would have gone under by the end of May and probably by the start of May.

Whether the deal with China would have been signed up by then is unclear. The question is whether China would have thought the company sufficiently stable to deal with it. I cannot answer that question.
6:08 am
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