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London - Formula One boss Bernie Ecclestone has teamed up with a Luxembourg investment firm to launch a last-minute rescue bid for Swedish car maker Saab, British media reports said on Friday.
Luxembourg-based Genii Capital announced it was interested in making an offer with Ecclestone, just as the deadline for final bids for Saab expired at midnight on Thursday, the BBC reported.
The privately-held firm said it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company", according to the BBC.
It said it believes Saab has "tremendous brand value in a number of key automotive markets, as well as an innovative image", the reports said.
Genii already has links with Ecclestone after buying a stake in the Renault Formula One team in December, allowing it to remain in the sport.
US car maker General Motors announced in December it would wind up Saab, which employs 3 400 people in Sweden.
However, GM extended a deadline to consider offers for Saab after Dutch sports car maker Spyker approached the US car maker with a last-ditch proposal.
Spyker CEO Victor Muller said on Thursday it would submit a definitive, updated bid for Saab.
Saab is one of four storied brands that GM is shedding as part of a massive restructuring effort that began in 2005 and accelerated in 2009, when the largest US car maker went bankrupt.
Analysts have warned that about 8 000 jobs could be lost with Saab's closure.
- AFP
