What would you have done if you have loads of money with you and you are the boss of Formula One? Try getting in line to buy a car firm of course.
Yes, that’s exactly what Formula One boss Bernie Ecclestone is trying to do. He wants to buy the struggling car firm Saab and breathe life into it. In this process Bernie has tied up with the Luxembourg based investment company Genii Capital to launch a takeover bid.
Ever since the Motown meltdown started, GM in a bid to go leaner and meaner has put their Swedish car brand Saab for sale to try to slash the debts that they are in. Saab is a car brand that has been neglected by the GM and Bernie also is echoing in the same sentiment.
Though a clear picture of Bernie’s involvement in the bid process has not been revealed officially, it is said to at around £ 2.3 billion. Whoa, that’s a huge sum you say. Not a problem if you are the F1 boss.
Genii Capital, who are also tied up with Bernie for this bid and who have invested in Renault’s F1 racing team last month in a statement said that they were aggressively working towards a successful closing of the transaction and clinch the car firm.
But the race for Saab is getting better and better with Dutch car firm Spykar, who also have F1 connections running in to get Saab. Spykar had bought the former Jordan and Midland teams to form their own F1 team before selling the team to Force India at the end of 2007 season. Spykar is also trying aggressively to launching their own winning bid for Saab.
Meanwhile General Motors wants to concentrate on their core brands such as Chevrolet and in this regard GM boss Ed Whitacre has made clear his desire to get rid of Saab. He was quoted saying last week “Just show up with money and you can have it”. GM also has threatened to close Saab if their year-long search for potential buyers proves fruitless.
Yes, that’s exactly what Formula One boss Bernie Ecclestone is trying to do. He wants to buy the struggling car firm Saab and breathe life into it. In this process Bernie has tied up with the Luxembourg based investment company Genii Capital to launch a takeover bid.
Ever since the Motown meltdown started, GM in a bid to go leaner and meaner has put their Swedish car brand Saab for sale to try to slash the debts that they are in. Saab is a car brand that has been neglected by the GM and Bernie also is echoing in the same sentiment.
Though a clear picture of Bernie’s involvement in the bid process has not been revealed officially, it is said to at around £ 2.3 billion. Whoa, that’s a huge sum you say. Not a problem if you are the F1 boss.
Genii Capital, who are also tied up with Bernie for this bid and who have invested in Renault’s F1 racing team last month in a statement said that they were aggressively working towards a successful closing of the transaction and clinch the car firm.
But the race for Saab is getting better and better with Dutch car firm Spykar, who also have F1 connections running in to get Saab. Spykar had bought the former Jordan and Midland teams to form their own F1 team before selling the team to Force India at the end of 2007 season. Spykar is also trying aggressively to launching their own winning bid for Saab.
Meanwhile General Motors wants to concentrate on their core brands such as Chevrolet and in this regard GM boss Ed Whitacre has made clear his desire to get rid of Saab. He was quoted saying last week “Just show up with money and you can have it”. GM also has threatened to close Saab if their year-long search for potential buyers proves fruitless.
Thanks so much for putting this out here.
Your blog is just what was looking for. You have no idea how long I have been pondering the same exact thing! I am so ecstatic that I am no longer alone.