China Unlikely to OK MG Rover Rescue

China's biggest carmaker said it was unlikely to agree to a rescue deal for MG Rover, as administrators battled on Monday to find a buyer for the UK firm which is losing up to $47 million a month.

Nearly 6,000 MG Rover workers could be let go next week if administrators fail to find new investors to inject more money into Britain's last independent carmaker when emergency UK government funding runs out.

MG Rover, which once made the iconic Mini and Land Rover models, collapsed on Friday after failing to agree a rescue deal with China's Shanghai Automotive Industry Corp.

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