SAIC to put £1bn into Rover

CHINESE carmaker SAIC is set to control a crucial joint venture with MG Rover under terms of a cooperation deal expected to win approval from Beijing early next year, MG Rover says.

The deal calls for injecting around £1 billion (€1.4 billion) into the venture, providing crucial liquidity for the last British-owned volume carmaker and securing 6,100 jobs at the Longbridge-based group.

It also gives ambitious Shanghai Automotive a solid base in Europe as it seeks to broaden its global reach.