Genii haven’t bid for Saab yet??
January 11, 2010 in News
UPDATE: Genii/Ecclestone have now confirmed that they did submit a bid by the deadline last week.
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This is a new one.
I was sure that the bids were all in – I got the email and release direct from the source – and I know for certain that a deadline was set for them to arrive at DB last Thursday.
Perhaps the resources of Genii and the name ‘Ecclestone’ meant that an extension was in order.
From Reuters:
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Ecclestone, Genii gather cash for Saab bid -paper
STOCKHOLM, Jan 11 (Reuters) – Formula One supremo Bernie Ecclestone and investment company Genii Capital will soon have initial financing to show GM [GM.UL] they can fund a purchase of carmaker Saab, daily Dagens Industri wrote on Monday.
The paper said Ecclestone and Genii would have 500 million to 1 billion crowns ($90-$180 million) in an account in a couple of days.
However, it was not clear whether the group had sent in a formal bid for the loss-making Swedish car firm.
“I have had contacts with GM, who have given us a deadline of the beginning of this week, which I interpret as Monday through Wednesday,” spokesman Lars Carlstrom said.
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Thanks to Kieth.
