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Formula One boss face of last-minute Saab bid

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Formula One boss face of last-minute Saab bid
08:45 CET+01:00
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.

Luxembourg-based Genii Capital announced it was interested in making an offer with Ecclestone, just as the deadline for final bids for Saab expired at 10pm GMT on Thursday, the BBC reported.

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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