Prospective bidder for GM subsidiary Saab, Genii Capital, is to make an individual approach for the troubled Swedish automaker.
Luxembourg private investment firm Genii Capital, backed by Formula One impresario Bernie Ecclestone, said it had had discussions with Dutch sports carmaker Spyker founder and chief executive Victor Muller, but had now resolved to bid for Saab separately.
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“We had discussions with Spyker together with Victor Muller but we decided to approach Saab by ourselves one by one,” Genii/Ecclestone coordinator Lars Carlstrom told just-auto from Sweden. “We are still in talks with Victor – we can have future relations with Spyker even if we bid separately.
“I assume both parties will be interested in teaming up, even if one party succeeds and Spyker [for example] buys Saab, we could find ways to deal with Saab later on. No doors [are] closed.”
Carlstrom added he was “100% certain” there would be an outcome this week to resolve the long-standing Saab situation, noting his grouping had “good hope and good faith” to move to talks with GM very soon.
Despite declining to reveal any detail of financing behind the Genii/Eccelstone approach, Carlstrom emphasised the situation could move rapidly towards a conclusion. “There is a wind-down situation with Saab and it could easily escalate if GM is closing Saab for real,” he said.
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By GlobalDataWhat is apparent however, is the Genii-Ecclestone consortium’s determination to bid for Saab in its entirety and not cherry pick. “A company like Saab should be kept in one piece, it is a 100% bid – that goes for Spyker,” noted Carlstrom.
Ecclestone’s involvement in Genii Capital is as an equal partner and the Formula One boss’ extensive automotive experience is something the grouping is keen to capitalise on should its bid succeed.
“Bernie Ecclestone’s network in motor sport is priceless and he is very good source for Saab in the future,” said Carlstrom. “He could create consolidation and synergies with other OEMs.”
A Spyker spokesman declined to comment.
