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May 25, 2012
Formula One boss face of last-minute Saab bid
Published: 8 Jan 10 08:45 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24260/20100108/
British sports magnate Bernie Ecclestone has teamed up with the Luxembourg investment firm that is launching a last-minute rescue bid for Swedish carmaker Saab, according to media reports.
- Saab CEO 'spied upon' during Swiss Gripen talks (25 May 12)
- Swedish union plea to Obama: 'help save Saab' (14 May 12)
- 'Chinese Saabs' soon to hit showrooms: report (8 May 12)
The privately-held firm said it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company."
It said it believes Saab has "tremendous brand value in a number of key automotive markets, as well as an innovative image," the reports added.
Genii already has links with Ecclestone after it last month bought a stake in the Renault Formula One team, allowing the team to remain in the sport.
US carmaker General Motors announced in December it would wind up Saab, which employs 3,400 people in Sweden.
However GM extended a deadline to consider offers for Saab after Dutch
sports car maker Spyker approached the US automaker with a last-ditch proposal.
Spyker chief executive officer Victor Muller said on Thursday it would submit a definitive, updated bid for Saab.
Saab is one of four storied brands that GM is shedding as part of a massive restructuring effort that began in 2005 and accelerated last year when the largest US automaker went bankrupt.
Analysts have warned that some 8,000 jobs could be lost with Saab's closure.
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adjective
Lång means long, tall and can be used for height, distance or time.
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It is one of the worst features/vices of modern 'top' management, whether found in many industries or services. Even allowing for the complexities of modern life, computerisaion has vastly helped the accuracy and flow of management information, the 'trained incompetance' at the top of some industries is staggering.
He would probably sue them for defamtion if they accuse him of not being in a financial postition to buy.
You're talking about shared technology, patents, and dealerships. You're also talking about a very very large company which has just come out of a BANKRUPCY!!! You think they have money laying around that they can chuck randomly at a loss making business. The fact it didn't dissappear during the bankrupcy is amazing. Just be happy people are showing interest and it might get sold.
Yes GM is certainly playing a game they're trying to survive!!!!!!!!
At the end of the day, the GM bean counters know what is best for the bottom line and chosen the best path for GM.
Unlike running a premium brand car company, selling or winding down a company profitably is something GM's bean counters are probably capable of doing.