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DATE News (chronologically)
01/13/10
automotive
GM studying Saab bids
General Motors Co. said it’s still reviewing bids for Saab Automobile as Formula One tycoon Bernie Ecclestone and partner Genii Capital prepared to submit a revised offer today for the Swedish carmaker. Nick Reilly, GM’s European president, told reporters in Detroit yesterday that talks with Saab’s bidders continue even after the Swedish government approved GM’s appointed liquidator to wind down the Trollhaettan-based brand.

“We are working hard and we think we’ll have a nice surprise for GM when they wake up in the morning in Detroit,” Lars Carlstroem, the Swedish investor working with Luxembourg- based Genii, said today in a telephone interview. “We’re sure we’ll have a competitive bid for them to look at soon.”

Saab is among four brands, along with Pontiac, Saturn and Hummer, that GM is unloading to focus on Chevrolet, Buick, GMC and Cadillac in the U.S. after its bankruptcy exit on July 10. Genii is a private-equity firm that agreed to acquire a majority stake in Renault SA’s F1 racing team in December. Dutch supercar maker Spyker Cars NV is also negotiating with GM.

“Discussions between Spyker and GM are ongoing and constructive,” Spyker Chief Executive Officer Victor Muller said in a telephone interview yesterday from the Detroit auto show. “We are working tirelessly toward making it happen.” Bloomberg

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