Shanghai Auto Industry Corporation (SAIC) has announced that it will acquire Nanjing Automobile, Economic Observer reported (in Chinese). The two firms, which were competitors in the buyout of MG Rover two years ago, have currently shared Rover's MG brand. The acquisition plan was comfirmed by the mayor of Shanghai and the governor of Jiangsu province during the recent Comunist Party Congress. A due diligence report on Nanjing Auto conducted in October by SAIC estimated the company's total assets at Nanjing Auto at US$348 million. The two parties will jointly develop the MG and Roewe brands based on Rover technonogy following the merger.