Geely holds out for cut in taxi cab fare

BLACK taxi-cab maker Manganese Bronze yesterday said it was still in talks with China's Geely over the price of a stake to give it control of the firm as it heads for another loss this year. Manganese Bronze, which has struggled with falling sales and market share, said Geely had indicated it would be willing to subscribe to 20 million shares, but that the price, previously given as 70p per share, was under review.

"This is to reflect recent market conditions and the need to combine a majority shareholding for Geely with raising sufficient capital," the firm said.