Claim your free 2010 double sided wall chart
Nanjing, the Chinese carmaker that won the auction for MG Rover, has expressed its surprise at the success of its £50 million bid.
In an interview with the Oriental Morning Post, a Nanjing spokesman, Liu Ningsheng, said: "We are surprised by the successful acquisition of Rover."
Nanjing now faces a possible legal battle with its Chinese rival, Shanghai Automotive Industry Corporation (SAIC) over the ownership of ex-MG Rover assets.
Mr Lu also confirmed the price agreed for Rover for the first time.
"The price of the acquisition is a bit more than £50 million," Mr Liu told the Shanghai-based paper.
He added that Nanjing would "welcome cooperation of both domestic and foreign capital", including SAIC, to establish a holding company.
"We could even consider giving up our majority rights in the company," he said.
Both SAIC and Nanjing are owned by the Chinese government. SAIC today called for all bids for the MG Rover to be published, after claiming that it made the highest offer and should have won the auction for Britain's last volume carmaker.
SAIC, which already owns certain property rights to Rover cars, had been involved in takeover talks for MG Rover since last year, but failed to come to an agreement with the UK Government to stave off the company's adminstration in April.
Tony Lomas, the chief administrator for PricewaterhouseCoopers, today denied Shanghai's claims over its bid. He told the BBC that SAIC had underbid, even with an 11th-hour e-mail on Friday, when it announced the Nanjing deal.
PwC has also made it clear that Nanjing's offer was, importantly, clean of conditions.
SAIC said: "The lack of clarity is that neither offer has been published by the administrator, so that nobody is able to see."
Under the terms of the Nanjing deal, the remaining assets of MG Rover and its dedicated engine producer Powertrain have been sold to Nanjing.
According to reports, Nanjing plans to build two new MG sports cars, to replace the MG TF and the MG version of the Rover 75.
However, last year SAIC bought the rights to the Rover 25 and 75 and the K- and L-series engines for £67 million. It is arguing that Nanjing should not be allowed to make the MG variants of the Rover 25 and 75.
Articles from our sister site WSJ.com:
You may be asked to subscribe to read certain articles
Industry sectors news at a glance. Interactive heatmap, video and podcast
Everything the Business Traveller needs to know to make a better trip
Get ready for the winter sports season, with our resort guides and snow reports
We are backing British business, what is the confidence of the nation and what businesses are succeeding?
Growing demand for energy, oil that is harder to reach and the rise of carbon dioxide emissions. We examine the energy challenge
With rail travel in Europe on the rise, we review the benefits of travelling by train
In this special section we explore new food trends to help improve your dinner party and impress guests
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
1998
£47,955
2004
£56,950
Essex
Check your free Experian credit report before applying
Car Insurance
£100,000
Barnardos
UK
£123,460 pa
The Law Commission
London
Southwark County Council
Competitive + bonus + benefits
Manchester United
Central London
Moments from Battersea Park.
For sale with Winkworth
Find out about shared ownership.
See your free Experian credit report beforehand
Includes flights, accommodation with room upgrades, transfers city tours in Hong Kong and Bangkok.
PremierHolidays.co.uk
For your ultimate tailor-made ski holiday, click here
Get covered on your travels with a superb range of policies at great prices. Visit InsureandGo.com
Choose from the beautiful landscape and tranquil beaches of Oahu, Kauai, Maui & Big Island.
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Milkround
Copyright 2009 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.