MG Rover joins forces with Chinese SAIC to bid for FSO

The investors hopes to buy FSO's shares both from the State Treasury and Daewoo. The consortium intends to raise FSO's capital and to produce a new car in Żerań. Most probably the consortium would like to start due diligence still this month and work out a business plan for the company within a few weeks. However, Deputy Economy Minister Jacek Piechota stated that the government has not yet received any initial offer from the consortium, except for a letter from MG Rover and the British Ambassador informing that the British company is interested in investing in FSO together with SAIC. Piechota said that although he has not received any letter of intent from the Chinese, he expects to receive an initial offer by Monday. (Puls Biznesu, p. 8) E.B.