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Bernie Ecclestone bids to buy Saab
Bernie Ecclestone and investment company Genii Capital have joined forces to attempt to buy the Swedish carmaker Saab.
Genii Capital, which recently bought a majority holding in the Renault Formula One team, has now with Ecclestone, placed a bid to buy struggling car company Saab from General Motors (GM). They are up against at least two rival bids, one from Spyker, a Dutch specialist sports car maker that competed in F1 in 2007, and one from a Swedish consortium.
Saab made a loss of US$412 million in 2008 and has not shown a profit since 2001, but Ecclestone is confident it has plenty of potential.
"It's a good brand that has probably been neglected by the current owners," he told Bloomberg. "We don't own it yet, so let's see what happens."
Genii added that it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company. It [Saab] has a tremendous brand value in a number of key automotive markets, as well as an innovative image".
Swedish supercar company Koenigsegg had a bid to buy Saab accepted last June, but pulled out of the deal in November. The GM board is set to meet on Friday to consider its options. A spokesman said: "GM continues to receive and evaluate proposals for Saab. We consider any discussions to be confidential, and we won't discuss any details until a decision is reached."
© ESPN Sports Media Ltd.
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