**Formula 1 boss, Bernie Ecclestone, is in partnership to bid for Saab.**The announcement came shortly after a deadline for expressions of interest in the company passed without any public bids.
Around 3,400 workers at the Swedish motor company, Saab, have passed a tense evening waiting for news of any rescue bid for their company.
Now a second bid has also emerged, from the Dutch sports carmaker, Spyker Cars. It has unsuccessfully bid before.
Mr Ecclestone’s offer is in partnership with the Luxembourg-based private investment company, Genii Capital, which recently invested in Renault’s Formula 1 team.
On-board technology
A statement from the company said “it will aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company”.
It went on to say it believed it could “add value to the car manufacturer by working on synergies… in the areas of on-board IT and media technologies - including pay per listen/pay per use systems”.
Victor Muller, the chief executive of Spyker, said: “We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible.”
Other interested bidders are said to be Swedish.
GM says it ihas started to winding down the 60-year-old company - and will continue that process to its natural end if no suitable bid is forthcoming.
“GM continues to receive and evaluate proposals for Saab. We consider any discussions to be confidential, and we won’t discuss any details until a decision is reached”
Tom Wilkinson, GM
Deals to sell Saab have twice fallen apart in recent months.
On Wednesday GM’s chief executive Ed Whitacre suggested closure was more likely than a sale because no buyer had proved it could finance a purchase.
Last-ditch drive
A spokesman for GM, Tom Wilkinson, said little had changed with the passing of the deadline: “GM continues to receive and evaluate proposals for Saab. We consider any discussions to be confidential, and we won’t discuss any details until a decision is reached.”
Previous offers were rejected by GM which was not satisfied as to the source of its financing.
SPYKER GROUP
- **133 **employees
- 37 cars sold in 2008
- 23.8m euros ($34m; £21m) lost in 2008
- 3rd place for Snoras Spyker Squadron in 2009 Le Mans championship series
Source: Spyker
Show me the money
Mr Whitacre said earlier this week: “It’s real easy - show up with the money and you can have it,” he said. “[But] no one (has) showed up with the money.”
GM has been trying to sell Saab since January last year, and stepped up efforts following its bankruptcy in July last year.
Saab employs 3,400 people in Sweden and GM has estimated 8,000 people will suffer indirectly from its planned closure.
In 2008, Saab lost 3bn kronor (£255m; $412m). It has not made a profit since 2001.
A meeting of Saab board members will take place on Friday.