Bernie Ecclestone pulls out to buy Saab.

Posted: 26/01/2010 in Formula 1

Bernie Ecclestone the man behind and infront of F1 has decided to back down from bidding for the failing manufactor with 3,400 staff to stay in limbo, with people wondering who will keep there jobs before GM starts to make cutbacks.

This is a statement from Genii:

“Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction,”

“Genii Capital would like to extend its thanks to: its partners for their enthusiastic, dynamic and sincere commitment; those parties, especially from Sweden, who aided us in understanding the situation of Saab Automobile AB; GM for its cooperation and concern for the successful future of Saab Automobile AB.

 “Genii Capital wishes Saab Automobile AB and its workforce a bright future and will continue to monitor with interest the company’s situation.”

General Motors chief executive, Ed Whitacre, said yesterday that the company had held advanced talks with Spyker about Saab, but was proceeding with plans to close the unit.

“Obviously there have been advanced talks with Spyker cars to acquire Saab. However, we do not have a deal to announce. If and when that changes, we will let you know,”.

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