Although MG has denied the takeover repeatedly, English and Chinese sources are reporting that the British firm will soon be owned by Shanghai Automotive Industry Corp. (SAIC), China's largest car manufacturer. SAIC would become the world's sixth-largest automaker if everything works out according to their insanely ingenious plan. It is likely that SAIC's initial stake in the company will be somewhat small, but when no one's looking they will take another bite, and then another, and so on, until they have swallowed all of MG. While obviously bolstering SAIC's holdings, the deal would also flood MG with cash and allow them to replace the floundering Rover 45, a mid-sized sedan that has exceeded its shelf-life due to the lack of funds. What's with all these British automakers being scooped up by foreign bodies? Before you know it, a 24-year old Russian will be buying TVR and the heir to a Nigerian royal will purchase McLaren, which he will then offer to you via email if you just cash one little check for him.
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