MG Rover buys Oleg Deripaska

MG Rover buys Oleg Deripaska Suffering financial collapse of British automotive company MG Rover can be bought by Russian businessmen. The new owner of the Rover can be a company RusPromAvto Oleg Deripaska.In the RusPromAvto haven't considered buying MG Rover. As stated by the Deputy Chairman of the Board of Directors of RusPromAvto Alexander Yushkevich, it is important that Russian companies such acquisition fit into the strategy of its development. In his opinion, in theory, this asset is very attractive. MG Rover has a number of interesting models: 35th, 45th, 75th - in Russia they are much more than, say, the Italian Fiat. In favor of MG Rover also a strong engineering center and the declared support of the state," said Yushkevich.However, whatever the decision, potential investors will be able to take only after evaluation of the company's creditors, which could take about a year.The idea of the acquisition of Rover by the Russians was not so incredible. ГАЗЕТА.GZT.RU asked Russian businessmen, who may be interested in the automaker from the UK. The majority of respondents did not Express much interest to MG Rover, but a member of the Board of Directors of Alfa-Bank Alexander Gafin advised to refer to the oligarchs that are relevant to the automotive industry. "Rover is an interesting brand and is now quite inexpensive. It is, for example, it may be interesting to Oleg Deripaska, who controls the Gorky plant," said the banker.However, neither the analyst does not take courage to estimate the value of the bankrupt British company and the degree associated with its purchase risks. According to Alexander Yushkevich, much will depend on a number of factors."Will the company be sold with all of its obligations, or will separate into individual assets? asks Yushkevich. - How big will end up debts MG Rover? Will the company acting team of managers, designers or leave?" To answer these and other questions at investment banks and law firms may take about a year, says a top Manager Deripaska's company.However, the precedents large purchases of Russians in the global automotive industry and related industries already have. So, in July of last year, the son of a famous Russian banker, 23-year-old Nikolai Smolensky, bought in UK Blackpool company producing sports cars TVR. According to unofficial information, the plant could cost him up to $ 50 million.But more significant transaction was the purchase in late 2003, Severstal of Russia`, owned by Alexei Mordashov (takes the 7th place in the ranking of the richest people in Russia with $ 5.1 billion), the oldest manufacturer of automotive sheet in the USA - Detroit companies Rouge Industries for 280 million dollars.According to the Chairman of the Board of Directors of Severstal North America Vadim Makhov, the main purpose of this acquisition was to acquire modern technology and access to the main consumer of steel products market in the United States. Similar motives, only in respect of automotive technology and European market, can induce potential Russian investors to buy MG Rover.Note, so far the investments of our compatriots in Britain are known mainly from the club Chelsy owned by the very rich Russian Roman Abramovich (14.7 billion dollars according to Forbes magazine). But the football club is associated with a rather expensive toy rather than business investment. Buying the same MG Rover could have far greater resonance in the business circles of the West.As Rover went bankruptThe last British automaker MG Rover teetering on the brink of bankruptcy during the last 20 years. During this time, his status as a national manufacturer changed several times. In 1984 the control of the company received the Japanese Honda, but this Union did not last. Dear English machine is not in demand - consumers preferred the cheaper similar models of the Honda.In 1988 Rover Group was sold to British Aerospace. Nothing new this owner to offer could not - he only kept lineup, Honda created. In early 1994 Rover Group was transferred to the German automaker BMW. The Germans owned the Rover Group from 1994 to 2000, but they also failed to keep Rover out of the crisis. Investing in MG more than $ 1 billion and developed almost all the latest models, BMW has gone from Albion, writes ГАЗЕТА.GZT.RU.Veteran national auto industry was saved from closure of a group of English businessmen headed by the President of the investment company Phoenix Venture Holdings by John towers. The amount of the transaction with the BMW was a symbolic £ 10. To somehow cover the losses from MG Rover, a division of BMW production SUV Land Rover was sold to Ford, and the rights to the brand of small city cars Mini remained BMW.The new leadership of MG Rover failed to offer any radically new model. Currently selling Rover has dropped three times from 355 to 113 thousand cars a year, the company's share on the European market is less than 1%, and losses in 2003 amounted to 127 million euros. According to expert estimates, revenue MG Rover in 2004 would be approximately $ 1.7 billion.In recent months, MG Rover was in talks with the Chinese company Shanghai Automotive Industry Corp. (SAIC). It was assumed that the Chinese will pay for 70% of MG Rover and SAIC 1.44 billion dollars. Nearly 800 million dollars should go to pay off old debts to BMW. The parties also discussed the possibility of redemption of pension obligations MG Rover to employees of the company in the amount of $ 750 million. But after weighing the "pros" and "against" SAIC refused the deal.Experts believe that the fate of MG Rover is practically a foregone conclusion: the plant will close, and its assets likely to be sold piecemeal. 6 thousand workers at MG Rover plant in Longbridge this week has already received a notice of dismissal. The same fate awaits and about 20 thousand employees of related businesses.29.04.2005.



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