April 08, 2005 Chinese investmentOrganisation: MG Rover (MGR)
Analysis and commentary by Echo Research. Journalists and headline writers had a field day as DTI-led talks in Shanghai about investment and the future of MG Rover (MGR) 'stalled' over Chinese fears of a pensions 'black hole'. But the weekend-breaking story left copywriters bereft of quotable sources from the main protagonists, although the Sunday Times found an un-named DTI official who described the task as " a very difficult brief with little ammunition" (03/04). Reuters coined the phrase 'end game' to describe how perilously close the Longbridge company has come to bankruptcy with 6,000 direct jobs and another 20,000 in the components industry at risk. There was finger-pointing at the Phoenix Group directors who bought Rover from BMW for £10 in April 2000 for milking the company for their own pay and pensions, and being unwilling to dig deeper yet from their own resources. The Government, while saying a bridging loan of £100m was 'still on the table', were portrayed as terrified of a backlash in marginal Midlands constituencies as the General Election looms, though a timely rescue-deal may swing votes their way. The Chinese
negotiators from the Shanghai Automotive Investment Company meanwhile maintained their inscrutability as they tried to drive a hard bargain.
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