China invite

ABOUT 200 former MG Rover engineers have been invited to work for the car firm's new owner, Nanjing Automobile.

Letters have been sent to workers who lost their jobs when the firm collapsed in April. The letter asks workers: "Would you like the opportunity to work in China for up to 10 months?"

It also suggests the applicants would be dismantling equipment from Longbridge then rebuilding it in China.

Bidding for P&O

A MULTI-billion pound bidding war for P&O was on the horizon after confirmation of a takeover approach for the ports and ferries operator.

The interest, thought to be from Dubai's state-owned ports firm DP World, is expected to draw out rival moves, possibly from Denmark's AP Moeller-Maersk and Hong Kong's Hutchison conglomerate.

Villa approach

ASTON Villa have confirmed they have received a "preliminary approach" regarding a takeover of the Birmingham club but insisted the proposals are still speculative.

However, the Aston Villa plc board insist no meetings have taken place with Michael Neville nor his consortium.

02 takeover

MOBILE phone group O2 said it had agreed to a £17.7bn takeover by Spanish company Telefonica.The former arm of BT has been a bid target for several months and attracted interest from Deutsche Telekom and Dutch group KPN.

Holland.

Telekom and Dutch group KPN.

Clothing chain Peacock was poised to be taken private today after unveiling a management buyout worth £404.4 million.

Shareholders will be paid 340.5p a share, a 29% premium on the closing price of 263.5p on August 15 when news of the approach for the Cardiff-based company first emerged.

Peacock has more than 700 stores in the UK including the Peacocks high street chain, plus the bonmarche and Fragrance Shop businesses.