Monday, July 30, 2007
NAC and SAIC consider merger
The two Chinese carmakers that battled for control of MG Rover in 2005 have announced they are to enter into a joint venture.
Nanjing Automobile Corporation and the SAIC Group have signed a letter of intent that will see the two companies build the largest automotive group in China.
NAC denied that the alliance equated to an SAIC takeover, claiming that “the exact detail of the future relationship” had not been finalised and described it as a “joint co-operation”.
DATED: 30.07.07
FEED: MT
