SAIC, Magma to bid on Rover

Shanghai Automotive Industry Corp (SAIC) has teamed up with Magma Holdings, founded by a former head of Ford Europe and a former managing director of car leasing firm Masterlease Europe, to bid on British carmaker MG Rover, the South China Morning Post reported. SAIC and Magma, in the first stages of an agreement, would form a new company to re-commence production at the MG Rover plant in Longbridge, England. China's Nanjing Automotive also is bidding on parts of MG Rover, Reuters said.