Yeo
Zorce Jedi Master
Joined: 06 Apr 2005
Posts: 1936
Location: Far Rockaway, NY
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 Posted: Mon May 09, 2005 8:56 am Post subject: Iran backs out of plans to buy MG Rover |
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Iran has lost interest in buying MG Rover, according to the country's industry minister Eshagh Jahangiri.
Mr Jahangiri told the Donya-ye Eqtesad newspaper it had cancelled its interest because crucial intellectual property rights had already been sold to China's Shanghai Automotive Industry Corporation.
Two weeks ago the Iranian government made an official announcement that it was considering the possibilities offered by MG Rover. Yesterday, however, Mr Jahangiri was quoted as saying: "We don't need its machinery."
Last night an Iranian source confirmed the report. "It's because of the fact that the rights [to the 25 and 75 models] have been bought by the Chinese. There is nothing left behind for us."
MG Rover sold a number of rights to SAIC last year for �67m. The deal was part of negotiations aimed at forming a SAIC-controlled joint venture that would have manufactured cars in Shanghai and at MG Rover's Longbridge factory.
When the talks broke down in April MG Rover's parent company, Phoenix Venture Holdings, called in the administrators. Since then more than 5,000 workers have been made redundant.
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