The SAAB GM saga rolls on with Bernie and co now in the frame
Some people still believe in Saab, even if it doesn't believe in itself. The Swedish carmaker's board has announced it will start winding down operations, even as parent company General Motors continues poring over the paperwork from a handful of bidders. One eleventh-hour prospect: Formula One racing billionaire Bernie Ecclestone.
Ecclestone, who is bidding for Saab with Luxembourg-based Genii Capital, made his name by revitalizing Formula One motor racing into one of the most popular sports on the planet. He is currently chief executive of Formula One Management and commercial rights holder of the Formula One motor racing championship. In 2009, Forbes valued his net worth at $3.7 billion. (See "The World's Billionaires.")
It could be months before consultancy Alix Partners finishes winding up the company, giving GM precious little time to evaluate the complex bids from Ecclestone and Dutch automaker Stryker. Hence why Genii has said it will "aggressively" work towards a deal.
Ecclestone was quoted saying that Saab, which hasn't made a profit since 2001, is "a good brand that has probably been neglected by the current owners."
Could he do any better? Right now it is unclear what the 79-year-old's intentions for Saab are, especially since the company has already sold much of its technology to Beijing Automotive. Perhaps he wants to incorporate the brand and remaining technology into Formula One: Last year Genii Capital bought a large stake in Renault's F1 team. (This is probably where Ecclestone and the folks at Genii started talking about opportunities with Saab.)
Source: The SAAB GM saga rolls on with Bernie and co now in the frame
It could be months before consultancy Alix Partners finishes winding up the company, giving GM precious little time to evaluate the complex bids from Ecclestone and Dutch automaker Stryker. Hence why Genii has said it will "aggressively" work towards a deal.
Ecclestone was quoted saying that Saab, which hasn't made a profit since 2001, is "a good brand that has probably been neglected by the current owners."
Could he do any better? Right now it is unclear what the 79-year-old's intentions for Saab are, especially since the company has already sold much of its technology to Beijing Automotive. Perhaps he wants to incorporate the brand and remaining technology into Formula One: Last year Genii Capital bought a large stake in Renault's F1 team. (This is probably where Ecclestone and the folks at Genii started talking about opportunities with Saab.)
Source: The SAAB GM saga rolls on with Bernie and co now in the frame
