The Guardian has published a story about the ongoing negotiations for Chinese auto maker SAIC to buy Rover, once a symbol of British engineering prowess. Excerpts:

Blair tells Rover bosses: put your own money on the line

Tony Blair has told the directors of MG Rover to put millions of pounds of their own money into a bridging loan for the troubled car company as the price of government help to secure its joint venture with a Chinese company, it emerged last night...

...Ministers are already seeking possible buyers should the Chinese walk away, but admit that the prospect of finding a new suitor is remote.

Mr Blair and his senior colleagues believe the impact for the local community would be "devastating" if the Chinese abandoned the deal...

...Agreement is understood to have been reached on the terms of the deal which would see SAIC take 75% of joint ventures in both Britain and China. Phoenix Venture Holdings, Rover's parent company, would own the remaining 25%.

The central unresolved issue is satisfying the Chinese that Phoenix has the financial strength to fund its share of liabilities both now and in the future. Central to these concerns are pension fund liabilities and the long-term costs of reducing the 6,100-strong Longbridge workforce by between 2,000 and 2,500...

SAIC, which already has joint ventures in China with General Motors and Volkswagen, needs a deal to give it ownership of the intellectual property rights that would come through a tie-up with MG Rover. Without that ownership it will not be able to develop and exploit the technology which would allow it to build cars suitable for export.

LINK:
The Guardian: Blair tells Rover bosses: put your own money on the line