Report: Two Saab bidders consider joining forces

Jan 14, 2010, 11:22 GMT

Stockholm - Two of the groups bidding for ailing Swedish carmaker Saab may join forces while the wind down of the operation continues, reports said Thursday.

The two are Genii Capital and Spyker Cars, the Svenska Dagbladet daily said.

A Swedish government agency on Tuesday formally approved a liquidator to wind down the carmaker as requested by Saab's owner, US giant General Motors (GM).

The liquidator supersedes the Saab board and management, including chief executive Jan Ake Jonsson. The winding down process is expected to take several months.

GM said it was also evaluating several bids it had received for Saab, adding that this process would not be affected by the appointment of the liquidator.

Groups awaiting word from GM's management included Luxembourg-based investment company Genii Capital, backed by Formula One boss Bernie Ecclestone, as well Dutch-based niche sports car group Spyker Cars.

Genii Capital spokesman Lars Carlstrom, a Swedish financier, said the group has been in touch with Spyker Cars.

'Our genuine interest for Saab has brought us together,' Carlstrom told the Svenska Dagbladet daily.

A joint offer has however not been made, he added, describing Spyker's bid as 'good and well-planned.'

Production at the Trollhattan plant resumed Monday after a four- week shutdown over the holiday season.

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

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