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Bidders consider making joint offer for GM’s Saab

LUXEMBOURG investment firm Genii Capital and Dutch sports-car maker Spyker were considering a joint bid for Saab, after weeks of bidding separately for the loss-making car manufacturer.

Parent company General Motors began to liquidate the Swedish company last week, saying previous bids were not strong enough to finance Saab in the long term.

This is latest in a long line of last-minute offers, after General Motors moved the deadline for bids from 30 December to 7 January, which also passed without a firm decision.

Spyker were thought to be the only remaining bidder last week, until Genii and Formula One boss Bernie Ecclestone revised their offer, proving they were “capable of providing financial strength to Saab during a long period of time”, according to bid co-ordinator Lars Carlstroem.

Spyker said last week it was working “around the clock” and was not prepared to give up on a deal.