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16/05/2005
Bids lodged for parts of MG Rover
Administrators have received a number of bids for parts of failed car manufacturer MG Rover.
Bidders had until Friday to lodge details of finance offers with administrators PricewaterhouseCoopers, but no buyer has emerged to take over the firm - the bids relate only to parts of the former MG Rover operation.
Attracting particular interest are the assets of the MG sports car division with some 200 parties expressing an interest in that part of the firm.
Administrators are understood to be meeting today to examine a bid from the Shanghai Automotive Industry Corporation, which is interested in the engine production line.
When MG Rover collapsed in April over 5,500 workers were made redundant.
The full effects of the collapse are yet to become apparent; many associated automotive firms supplying parts are likely to be affected by MG Rover's demise.
On Monday, it emerged that Stadco, which produced MG TF body parts at its Coventry plant, has announced a phased shutdown of the plant over the next 18 months.
The company has a number of other plants and said that it hoped to accommodate some of the 200 workers at other sites.
Further details on the bids lodged with MG Rover's administrators are not expected until later this week.
(SP/KMcA)
Bidders had until Friday to lodge details of finance offers with administrators PricewaterhouseCoopers, but no buyer has emerged to take over the firm - the bids relate only to parts of the former MG Rover operation.
Attracting particular interest are the assets of the MG sports car division with some 200 parties expressing an interest in that part of the firm.
Administrators are understood to be meeting today to examine a bid from the Shanghai Automotive Industry Corporation, which is interested in the engine production line.
When MG Rover collapsed in April over 5,500 workers were made redundant.
The full effects of the collapse are yet to become apparent; many associated automotive firms supplying parts are likely to be affected by MG Rover's demise.
On Monday, it emerged that Stadco, which produced MG TF body parts at its Coventry plant, has announced a phased shutdown of the plant over the next 18 months.
The company has a number of other plants and said that it hoped to accommodate some of the 200 workers at other sites.
Further details on the bids lodged with MG Rover's administrators are not expected until later this week.
(SP/KMcA)
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