Daily Auto News Report: GM Finds New Bidders For Saab
Daily Auto News
Just days after the CEO of General Motors expressed doubt that Saab would be sold, a new bidder has reportedly emerged with a plan to save the troubled Swedish automaker.
The New York Times reports, “Swedish labor union newsletter Dagens Arbete said on Thursday that Luxembourg-based investment firm Genii Capital had made a bid for Saab and has met Swedish officials to inform them of the plans.” The new offer isn’t the only one GM has to consider. Dutch supercar builder Spyker, the Times reports, “Submitted an improved bid” for the Swedish automaker yesterday. The Times adds, “At least two other bids for Saab were submitted to GM on Thursday, according to a report in Sweden.”
Genii’s bid has an interesting name at the helm. Bloomberg reports that “Formula One tycoon Bernie Ecclestone,” the controversial head of Europe’s most popular auto racing series, is behind the move. As a former race driver and the former owner of several prominent racing teams, Ecclestone has had a hand in designing some legendary race cars – but has never been involved with a mainstream auto manufacturer. Ecclestone told Bloomberg, “It’s a good brand that has probably been neglected by the current owners. We don’t own it yet, so let’s see what happens.”
General Motors, Motor Trend reports, has scheduled a board meeting for today to review the bids.
Bloomberg notes, “A Swedish government delegation will travel to Detroit tomorrow and meet with GM’s management next week.” The company has not announced a timetable for a final decision.
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