Genii team up with Bernie Ecclestone to bid for Saab Automobile
January 8, 2010 in News
The following press release was sent to me by Lars Carlstrom, the Swedish representative for the Genii Capital bid for Saab.
Luxembourg, January 7, 2010
Genii Capital announced today that its interest in making an offer for the acquisition of a majority stake in Saab SAS in a partnership with Mr. Bernard Ecclestone.
Genii Capital – which has been brought into the bidding process at a late stage by advisors close to the deal – has decided that given an adequate and short timeframe for finalizing its offer, it will aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company.
The investment group which has diverse investments and a strong knowledge of the automotive industry believes that it can add value to the car manufacturer by working on synergies with some of its portfolio companies in the areas of energy efficient engines, OEM components and on-board IT and media technologies – including pay per listen/pay per use systems.
Genii Capital believes that the automotive industry will see – as expected – strong developments in energy efficiency, safety systems but also in the area of on board entertainment systems including technologies that enable use on demand systems as well as innovative communications platforms such as VOIP and GPS location based services. All of these areas being at the core of Genii Capital investment focus.
The group believes that SAAB has a tremendous brand value in a number of key automotive markets as well as an innovative image allowing it to be at the forefront of the car companies that will be first to market with some of the above mentioned technologies.
About Genii Capital
Genii Capital is a private investment firm that places common sense and business sense at the heart of the investment decision-making process while targeting solid performance. Genii Capital’s investment philosophy is to create value by investing in ideas, brands and projects that are innovative and often disruptive to their business environment. Active in North America, Europe and Asia, Genii Capital’s core investment target areas include brand management, emerging technologies (including public health, energy and environmental technologies), hospitality, entertainment and the automotive industry, including: Renault F1 Team; MOV’IT – a highly specialized high performance brake systems design and manufacturing company; and MCE-5 – a variable compression ratio engine technology.
For more information, please visit www.genii-capital.com