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MG Rover rubbishes China buyout claim

MG Rover chairman John Towers has denied that Shanghai Automotive Industry Corporation is set to buy the carmaker.

It was reported this week the Chinese corporate giant was set to take control of the UK firm.

But while MG Rover announced on June 16 that it was seeking "a far-reaching strategic relationship" with SAIC, Towers told the BBC today: ''We have already made it clear that we are in major collaboration with Shanghai Auto, but I have to say that within those discussions there has been absolutely no discussion at all about an equity stake or an acquisition of the business.

"It's very flattering to think people believe that maybe that would be the case, but it's not the case."

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