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View Full Version : More news of MG/Rover talks with China



Sherlock
11-24-2004, 10:51 AM
For those interested in the current state of affairs in the British automotive industry, these links came across one of my e-mail lists... Looks like MG/Rover will be saved but are still struggling to stay afloat on their own since the sell off by BMW a couple of years ago

http://edition.cnn.com/2004/BUSINESS/11/20/britain.rover.reut/index.html

http://www.bloomberg.com/apps/news?pid=10000102&sid=aJri.QfVmlGY&refer=uk

sunbeammadd
11-24-2004, 09:28 PM
In today's news MG Rover seemed to be backpedalling on the above reports. Sounds like somebody got a bit carried away.

rovernut
11-26-2004, 11:13 AM
Just got the Telegraph..........Up in arms as the 4 directors af MG/Rover have given themselves another 3.6 million pound bonus to add to their pension fund.........This on top of the 10 million pound bonus they awarded themselves last year..........The company has a pre tax reported loss of 77 million pounds this year ....down from the staggering 786 million pound loss of 2000.............Down but still losing for the 3rd year straight..........The directors bought the company for 10 pound in May 2000 and invested 60,000 pounds of their own money each in Techtronic( the bid vehicle that originally bought Rover)....BMW had lent Rover 550million pounds on terms more akin to a gift than a loan, since the money would be used to essentially cover the cost of closure........That money is no longer there and their finacial future seems to hinge on the Chineses deal........Maybe if the directors took less out of the company and poured it back in while taking a REASONABLE return for themselves on their investment the company would have a more viable future............They make great cars but a relatively tiny company on the world automotive stage must do better than sell 4 cars out of every 5 they make to survive......
Bill Robertson
Rover owner