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Ecclestone puts in revised Saab bid

Bernie Ecclestone and Genii Capital make new offer to GM for Saab.
F1 boss Bernie Ecclestone has put in a revised offer to buy Swedish carmaker Saab from US giant General Motors.

According to reports in the media, Ecclestone and partner Genii Capital, who recently acquired a stake in the Renault F1 team, submitted a new proposal on Wednesday.

"We have made a new offer showing the financial strength of Genii-Ecclestone and our long-term financial commitment to Saab, which means that we are capable of supporting Saab for a long period of time and are committed to the automotive industry," Swedish businessman Lars Carlstroem who is working with Genii told AFP.

"The offer was made an hour ago. We expect feedback from GM within this week and we expect the start of discussions with GM within a week also."

GM has been trying to sell Saab for around twelve months and in addition to the Ecclestone-Genii Capital bid, offers have also been received by Dutch sports carmaker Spyker and a Swedish consortium.

Saab chief executive officer Jan-Aake Jonsson meanwhile handed over power to liquidators on Tuesday.

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antonio - Unregistered

January 16, 2010 2:13 AM

GM gets a bailout now there trying to posture the buyers for 450 Million ,get real.You don't buy a used car for new prices they should be happy theres interest period. They were just a company with high overhead absorbing all there capitol and getting into the morgage business. There biggest fear is a buyer that turns a profit something that will never rest easy for them .Remember there buyer will be there competition .Go for it Bernie theres a die hard Saab crowd out here wiht room for more fans.

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