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Ecclestone drives into Saab car race

China Daily | Updated: 2010-01-09 07:45

STOCKHOLM: Formula One tycoon Bernie Ecclestone and partner Genii Capital emerged as a rival to Dutch super-car maker Spyker Cars NV in making last-ditch efforts to buy General Motors Co's Saab unit.

Genii Capital, the Luxembourg-based private-equity firm that agreed to acquire a majority stake in Renault SA's F1 team last month, is offering cash for Saab, said Lars Carlstroem, the Swedish investor who is working with Genii. Spyker put in a revised offer before a 5 pm deadline in New York on Thursday (early Friday morning Beijing time), Chief Executive Officer Victor Muller said.

Forbes' 2009 list estimates Ecclestone and his family's net worth at $3.7 billion. After two attempts to sell the 72-year-old Saab brand failed in the past two months, GM CEO Ed Whitacre said on Jan 6 that the Detroit carmaker was proceeding with a decision to close Saab and that no qualified buyer had emerged.

Ecclestone drives into Saab car race

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