AM Online

F1 boss bids for Saab

Bernie Ecclestone, the boss of Formula 1, has made a bid for Saab in cooperation with a Luxembourg-based private investment company.

The bid comes as a last ditch effort to try and save Saab from being wound down by current owner General Motors.

Negotiations to try and sell Saab have been going on since January 2009 and acting GM chief executive Ed Whitacre has already said it was looking unlikely that bidders had enough financial backing to complete a deal.

Dutch sportscar maker Spyker, which has been the main bidder for Saab in recent weeks, is also believed to have revised yet another offer to buy the Swedish brand.

A Swedish consortium is also believed to have put a third offer together.

GM gave a deadline of January 7 for final bids and Saab board members will meet today to make a decision as to what will happen with the company.

  • To read full interviews with Saab UK dealers on how the protracted negotiations have affected their business and how they are preparing for the future see the January 22 issue of AM. To subscribe to AM click here.

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