BMW has agreed to sell the Rover brand name to Shanghai Automotive Industry Corp (SAIC), according to the Financial Times.

SAIC, which owns the technology for two Rover models, will pay just over GBP11m (US$21m) for the name in a sale expected to be completed by September this year, the paper said.

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Nanjing Automobile Group, which outbid SAIC and paid GBP53m (US$91.3m) to buy the remaining MG Rover assets in July last year, was also believed to be interested in the brand name rights.

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