Three groups in last-minute bids for Saab

Jan 8, 2010, 12:42 GMT

Stockholm - Three last-minute bidders, including one backed by Formula One boss Bernie Ecclestone, were Friday in the running for loss-making Swedish carmaker Saab.

Luxembourg-based investment company Genii Capital Friday confirmed it - along with Ecclestone - was in the running, saying Saab 'has a tremendous brand value in a number of key automotive markets as well as an innovative image.'

Swedish financier Lars Carlstrom was also part of the group, Swedish financial daily Dagens Industri reported.

US giant General Motors (GM) - which owns Saab - last month said it aimed to wind the Swedish carmaker down after failing to find a buyer but was reported to be analyzing the latest bids.

Dutch-based niche sports car group Spyker Cars on Thursday presented a revised bid after an earlier offer in December was rejected by GM.

A third grouping also had Swedish ties and included Hakan Samuelsson, the former chief executive of German bus- and truckmaker MAN, and Jan Nygren - a former cabinet member and ex-vice president of Swedish aerospace contractor Saab.

'Many, not only me, believe that it would be unfortunate for many reasons if Saab as a product and a brand disappeared,' Nygren told Swedish radio news, confirming his interest.

Nygren served as a Social Democratic cabinet member in 1994-96 before he left politics.

Samuelsson last year stepped down as chief executive at MAN.

On Thursday, Joran Hagglund, state secretary at the Swedish enterprise ministry, said he had met with representatives of the two Swedish groups that were working with members of Saab's management.

Hagglund was Saturday due to travel to Detroit for talks with GM.

Saab has some 3,400 employees in Sweden, most are based at the main plant in Trollhattan, south-western Sweden. An additional 3,000 positions with subcontractors are at stake, according to the Automotive Supplier Industry.

GM's interest in Saab - one of Europe's smallest carmakers - dates back to the early 1990s. The company took full control in 2000.