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SAIC to fund MG Rover bid
London: A bid for all of the MG Rover group will be made by the Shanghai Automotive Industry Corporation (SAIC) and Martin Leach, the former Ford Europe boss. The bid is expected to be worth up to £60 million and is fully funded by SAIC, in a change from the business plan that was agreed between the two last week.

Originally, Magma, the company controlled by Leach and Ed Sabisky, a former finance director of Vauxhall, was going to bid for MG Rover and be supported by SAIC, but it is thought that SAIC has agreed to take on all of the initial funding because of time pressure from the administrator PricewaterhouseCoopers (PwC).

Until April SAIC had been in full joint-venture talks with MG Rover, but it pulled out when it became clear that the company was insolvent.
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