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Luxembourg bidder in late burst to buy Saab

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14:16 CET+01:00
Luxembourg-based investment firm Genii Capital has joined the race to buy Saab Automobile from US owner General Motors, according to Swedish media reports.

An unidentified Swedish businessman close to the bid told newspaper Dagens Arbete that Genii Capital possessed considerable financial muscle and strong partners. Asked why the firm had taken so long to present its plans, the source said:

"I have been working on this deal for more than a year and it takes time for all the pieces to fall into place."

Genii Capital has met with Swedish government representatives to inform them of its plans, reports Dagens Arbete, a newspaper operated by the powerful metalworkers union Metall.

Genii Capital is a private investment firm active on the North American, European and Asian markets. The company specializes in investment in innovations within the fields of brand management, technology, entertainment and the auto industry.

As recently as mid-December, the firm announced it was purchasing a stake in the Renault Formula 1 team.

A receptionist for the company told The Local that there was nobody currently available for comment.

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