SAIC makes bid for MG Rover

Shanghai Automotive Industry Corp (SAIC) said it had submitted a formal offer, believed to be US$105m, for the assets of MG Rover, breathing new life into failed talks in April for a tie-up between the two companies, state media reported. The bid prompted British turnaround specialist David James to announce that he had put together a bid to prevent MG Rover, Britain's largest independent carmaker, from falling into Chinese hands.