Financial Times FT.com

Nanjing attempts to sell Rover stake

By James Mackintosh in London and Geoff Dyer in Shanghai

Published: July 25 2005 23:17 | Last updated: July 25 2005 23:17

Nanjing Automobile has approached some of the failed bidders for MG Rover in an attempt to sell a majority stake in the collapsed UK carmaker, just three days after the Chinese manufacturer won the auction.

Nanjing, which paid just over £50m ($87m) for the assets of Rover and Powertrain, its engine arm, wants outside funding and a management team for the UK operations. The sale would not include equipment for making engines and production lines for the small and medium cars, which will be boxed up and shipped to China.

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