Saab Sale Decision Delayed Again, Genii To Submit Bid

January 7, 2010
Old SAABs … made from planes with propellers.

Old SAABs … made from planes with propellers.

Saab's sale is delayed. Again. Saab's board, due to meet today, has postponed its meeting until tomorrow to better consider how to get the company back up and running by Monday after a four-week layoff, and to weigh Spyker's renewed bid and a new bid from private equity firm Genii.

Genii is already a bit of an automotive mover, as it owns a stake in the Renault Formula 1 team, and reports indicate it plans to submit its bid based on the same business plan Koenigsegg used to win GM's approval. The Koenigsegg bid failed, most likely due to a lack of funding.

Just yesterday Ed Whitacre told the media that the sale wasn't a complicated matter--all anyone had to do was "show up with the money." But so far, even with Spyker's Sisyphean efforts to acquire the Swedish brand, that hasn't happened. Hence Genii's entry into the process.

The Genii bid is expected to be a cash offer, meaning they've got some money, but it's not known if it'll be the amount GM is looking for. Either way, the decision should come down tomorrow, barring further delays.

If GM can't find a suitable buyer for Saab, the brand will likely continue the wind-down process that's already underway, with a tentative final end date of January 31, coming full circle to the state of affairs as they were back in December.

[Bloomberg, Reuters]

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