Genii Capital withdraws from bidding for GM’s Saab

AMSTERDAM, Jan 26 (BestGrowthStock) – Investment company Genii
Capital has withdrawn from the bidding for General Motors’
[GM.UL] unit Saab, leaving Spyker Cars (SPYKR.AS: ) as the sole
remaining bidder to rescue the ailing Swedish auto brand.

Genii Capital’s bid had been backed by Formula One mogul
Bernie Ecclestone and had said as recently on Sunday that
although Spyker Cars was “well-positioned” to buy Saab, Genii
was ready to pounce if the Spyker bid collapsed.
[ID:nLDE60M05T]

But Genii said in a statement late on Monday that it was
withdrawing from the race, having entered the year-long bidding
process for Saab just three days before GM’s original closing
deadline as GM seeks to either wind-down or sell Saab.

“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 said in the
statement.

General Motors Chief Executive Ed Whitacre said on Monday
the company has held advanced talks with Spyker Cars over the
sale of Saab, but is proceeding with plans to wind down the
unit. [ID:nN25141861]

“Obviously there have been advanced talks with Spyker cars
to acquire Saab. However, we do not have a deal to announce. If
and when that changes, we will let you know,” Whitacre said.

Spyker with about 110 employees and Saab with 3,400 make an
unlikely pairing and although the Dutch luxury carmaker’s
unlikely bid had flickered back into life on Monday, analysts
have expressed scepticism about the chances of a deal.

Stock Market

(Reporting by Aaron Gray-Block; Editing by Lincoln Feast)

Genii Capital withdraws from bidding for GM’s Saab