Genii drives away from bid for Saab

• Source: Shanghai Daily
• [09:02 January 27 2010]
• Comments

Investment company Genii Capital has withdrawn from the bidding for General Motors' Saab unit, leaving Netherlands-based Spyker Cars as the sole remaining bidder to rescue the ailing Swedish auto brand.

Genii'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.

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.

"Genii Capital believes the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a business platform for the future," Genii said.