Genii-Capital & Bernie Ecclestone Concede Bid For Saab

Posted on 25. Jan, 2010 by in 2010-2019

Saab History has just heard that Genii Capital Group & Bernie Ecclestone have conceded their bid for Saab according their spokesperson, Lars Carlström.

Here is a quote from them as provided to Bloomberg recently.

“We have worked hard, unfortunately time was not on our side,” Lars Carlstroem, the Swedish investor working with Genii, said in a phone interview today. “We are pleased to hear about Victor and his attempt to buy Saab. He’ll be a perfect owner for Saab going into the future.”

What’s surprising about this is that, Spyker has not completed the purchase negotiations for Saab, so this seems premature, unless GENII know that Spyker will complete the deal one would think?

Update: Lars Carlstrom of Genii has recently indicated to Saab History that “If situation changes, Genii are further interested in exploring the possibility.”. So there still could be a plan B, if need be.

Genii Capital concluded today that the timing of the bidding process for Saab is incompatible with implementing a solid business platform for the future

Luxembourg, January 25, 2010

Following a period of intensive study and evaluation, Genii Capital is now in a position to release its conclusions on the situation of Saab Automobile AB.

Saab is an exclusive brand with strong potential, based on the capabilities of a highly skilled workforce. This attracted Genii Capital to the opportunity to acquire a majority stake in Saab, based on implementing comprehensive, innovative industrial and financial foundations for the future in order to best meet the challenges the company will face in the future.

Genii Capital was brought into the year-long bidding process for Saab just three days before the closing deadline. During this year, Saab Automobile AB had been engaged in a partial shutdown
process as a result of the length of the negotiations.

Genii Capital is in a position to move quickly and aggressively, but building solid partnerships for the long term demands both time and intensive work. Unfortunately, Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction.

Genii Capital would like to extend its thanks to: its partners for their enthusiastic, dynamic and sincere commitment; those parties, especially from Sweden, who aided us in understanding the
situation of Saab Automobile AB; GM for its cooperation and concern for the successful future of Saab Automobile AB.

Genii Capital wishes Saab Automobile AB and its workforce a bright future and will continue to monitor with interest the company’s situation.

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2 Responses to “Genii-Capital & Bernie Ecclestone Concede Bid For Saab”

  1. Erik

    26. Jan, 2010

    Sounds like they know Spyker has made a deal with GM for SAAB.

    Reply to this comment
  2. Ryan

    26. Jan, 2010

    Erik,

    Here’s hoping each new day brings us that possibility.

    Reply to this comment

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