THE VENTURE capital firm which headed an abortive take over of the Rover Group has confirmed it is to throw its hat into the ring in the bid for stricken shipbuilder Cammell Laird.

The announcement from Alchemy Group comes as Tyneside shipyard Swan Hunter also looks set to enter the race.

The interest shown by Alchemy has not been greeted with open arms by unions.

GMB regional secretary Kevin Curran said: "We would not welcome any interest from Alchemy. Venture capitalists would only be in it for asset stripping, the land and the resources.

"That would be no good for the industry and our members, nor the regional economy. We want people who have the best interests of the industry at heart, like Swan's or a management buy-out."

It has been confirmed that Alchemy were in talks with Cammell Laird before it called in the receivers, in the face of £150m in debts.

Trade and Industry Secretary and North Tyneside MP Stephen Byers has said Cammell Laird should be sold as a going concern, but City sources have been reported as saying this will be unrealistic, with a break-up of the business the most likely outcome.

PricewaterhouseCoopers, which is handling Cammell Laird said as far as a management buy-out was concerned, it was more than happy to talk if matters proceeded.

Shares in Cammell were suspended last Wednesday, at 6p, down from a high of £10, valuing it at less than £18m.

The firm's problems have been ascribed to the collapse of a £50m deal to refit a ship for the Italian cruise company Costa Crociere.

And months of wrangling has delayed a £350m deal to build two vessels for the US cruise company Luxux.

The Merseyside firm employs 1,800 workers, of which, 750 work at its Hebburn yard.