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Merbanco pulls out of race to buy Saab

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Merbanco pulls out of race to buy Saab
06:47 CET+01:00
The CEO of the small US investment company has emailed independent enthusiast website SaabsUnited.com to say GM has turned down the firm's bid to buy Saab.

On Friday the website published a statement from Merbanco CEO Christopher Johnston.

”Despite our best efforts and meeting the Sellers requirements, we were just notified we were not selected to buy Saab,” he said. ”We are disappointed and quite tired.”

SaabsUnited.com said the comments were confirmed in private email correspondence.

”Sometimes the best deal is the one you don't do,” Johnston concluded as the Wyoming-based firm were forced to throw in the towel.

The news comes ahead of General Motors's extended January 7th deadline for offers to by Swedish unit Saab Automobile.

GM has confirmed it has received a number of bids with Dutch sportscar maker Spyker in the running.

A group comprising of Formula One boss Bernie Ecclestone and Genii Capital, a Luxembourg investment firm has announced a bid to rescue the ailing carmaker.

Swedish media has also reported a third bid approach by Swedish business leaders led by Jan Nygren, a former cabinet minister.

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