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NINETY EIGHT REGENCY

Genii says it has given GM a revised bid for Saab

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Genii says it has given GM a revised bid for Saab

January 13, 2010 15:46 CET

STOCKHOLM (Reuters) -- Luxembourg-based Genii Capital said on Wednesday it has submitted a revised offer to General Motors Co. for Saab which showed it has the financial muscle to run the Swedish carmaker.

Genii, together with Formula One bossl Bernie Ecclestone, submitted an offer for Saab last week ahead of GM's deadline for bids for its money-losing brand.

Dutch luxury carmaker Spyker and a group of Swedish investors also submitted offers.

Lars Carlstrom, spokesman for Genii, said the new bid "will show GM that the Ecclestone group is capable of providing financial strength to Saab during a long period of time."

It would also demonstrate that the group has the know-how and capability, with its network, to run a company like Saab, Carlstrom, added.

"Most important is that Genii-Ecclestone would like to provide information to GM that financing is not an issue for this group."

Read more: http://www.autonews.com/article/20100113/ANE/301139970/1265#ixzz0cVV6sVOo

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