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POLAND: Eleventh hour bid by SAIC and MG Rover consortium to takeover FSO

By just-auto.com editorial team | 12 October 2004

The apparently defunct plans by Britain's MG Rover to do a deal with the management of the ailing Daewoo-FSO plant in Zeran, Poland, and the Polish government, may not be the end of the story.

A report in the Warsaw Business Journal says that FSO has been given a second chance with Shanghai Automotive Industry Corporation (SAIC) and Britain's Rover forming a consortium to take over the plant.

"On Saturday the SAIC supervisory board made a decision concerning the investment in the Warsaw plant. This means that the project has also been initially accepted by the government in Beijing, which is the main shareholder in the company," said one of the people who has been searching for a potential investor in FSO.

Yesterday letters from China were allegedly received by members of the management board of FSO and Deputy Economy Minister Jacek Piechota.