SAIC, China’s biggest carmaker, has made a formal offer to buy collapsed carmaker MG Rover with the goal of resuming halted car production in the Midlands, it told Reuters.
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SAIC, which is wholly owned by the government of Shanghai, reportedly said it had bid for the combined assets of MG Rover and engine maker Powertrain, both of which have been under administration by PricewaterhouseCoopers since April.
“The offer envisages a strategic collaboration with Magma Holdings Ltd which will focus on the development and distribution of new models and a resumption of car production at Longbridge,” it said in a statement cited by Reuters.
It gave no financial details.
Reuters noted that Magma was founded by former Ford Europe boss Martin Leach and former General Motors executive Edward Sabisky.
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